General Motors executives on Friday dismissed the gloomy growth forecasts and sent the builder's shares higher, promising investors to boost their profits for 2019 and setting out their ambitious plans for its Cadillac brand to challenge Tesla on the market. Growing electric vehicles.GM said that despite the sales of passenger cars in China, the company hopes that the profits for 2018 will exceed Wall Street's expectations and promise a higher earnings per share in 2019. The general manager, Mary Barra, Friday presented to investors his speech on cost-cutting measures that have caused threats. "Due to the actions we have been running for several years, General Motors is starting 2019 thinner, more agile and more able to take it away," Barra told investors at a press conference. the presentation in New York. The market applauded GM's forecasts, pushing the company's stocks up by almost 8%. "We are looking forward to the execution of what they have announced," said Tim Piechowski, Portfolio Manager at ACR Alpine Capital Research, which owns GM's shares. Piechowski said that GM's core business, its stake in Lyft, a driver assistance service company, and its self-driving self-driving unit are worth more than what the recent price of the car is. action of the company indicates. Tesla is "not interested in our GM staff" that GM is selling its car factory from Lordstown, in Ohio to Tesla, is "uninteresting" because Tesla is "not interested in our GM staff represented by the UAW ", according to the United Auto Workers union. While Barra met with investors in New York, hundreds of GM workers protested in Windsor, Ontario, On the other side of the Detroit River, from GM headquarters, to protest the company's plans to close its vehicle assembly plant in Oshawa, Ontario. The UAW is suing GM for shutdowns in the United States and on Friday called GM to build new electric vehicles in the US. GM's optimistic outlook coincided with new cost-cutting measures from rival Ford Motor Co, which on Thursday plans to cut thousands of jobs in its European operations and kill an experiment in driving vans. Ford executives are due to meet investors next week on the sidelines of the Detroit auto show. Barra and his lieutenants have spent the last two years promoting an exit strategy from unprofitable markets in Europe and developing markets by restructuring South Korea's deficit activities. and kill unprofitable car lines in North America. In November, five North American plants, including four in the United States, were put on notice and nearly 15,000 jobs were cut. "We are no longer investing in non – cash – generating activities," GM chairman Mark Reuss told investors Friday. "The future is fast, we are doing everything we need to do as fast as we can."
Electrifying Cadillacs This involves making the Cadillac brand "the leading edge of the company" in electrification, Reuss said. He announced his intention to launch a new generation of electric vehicles that would be "profitable … and achievable". The automaker said Cadillac would become GM's leading brand of electric vehicles and that the largest US automaker is preparing to introduce a new model under the luxury brand. challenge Tesla, a development reported for the first time by Reuters on Thursday.

Tesla's market capitalization is greater than GM's, even though the electric car maker has never recorded any profit for the year. GM is counting on Take advantage of sales of large vans and sport utility vehicles in North America to fund its electrification campaign. The battle in this lucrative market is intensifying between the three Detroit automakers, as small car sales in the US contract. GM and Fiat Chrysler Automobiles NV have launched refitted trucks with the goal of taking more shares in the most profitable segment of the US auto industry. Still, GM's chief financial officer, Dhivya Suryadevara, said Friday that the oligopoly company pickup truck market is protected by "competitive moat". These include a US tariff of 25% on imported trucks, prior to the commercial actions of the Trump administration. GM's largest market in terms of vehicle sales volume is China, and the economic downturn in the world's largest auto market has hit investors across all sectors. Apple, for example, took the rare decision last week to reduce its quarterly sales forecast, blaming the slowdown in iPhone sales in China. GM chairman, Matt Tsien, told investors Friday that sales in this country are expected to remain roughly stable 2019 after the decline of 2018. GM is taking steps to reduce costs, including by further automating its Chinese factories and lowering the cost of purchasing, a- he declared. The cost reduction associated with 20 new or redesigned vehicles to be launched in China this year will maintain the company's profits, he said. "Overall, GM is well positioned to mitigate the headwinds" in China, said Tsien.Kyle Martin. A Westwood executive analyst in Dallas, Texas, who owns GM shares, said GM's macroeconomic assumptions were "not conservative, of course." For China to be stable, you'll need of a stimulus. " GM sells with Chinese partners more vehicles in China than in the United States. The automaker locally builds most of the vehicles sold in China. Optimistic Prospects for ProfitsGM said it expects earnings adjusted per share for 2019 of between $ 6.50 and $ 7.00, higher than the $ 5.86 expected by analysts according to Refinitiv's IBES data. "I believe that management has just redefined the bar for profit and cash flow despite the growing macroeconomic concerns of investors," said Joseph Amaturo, an analyst at Buckingham Research Group, in a customer note. The company expects adjusted free cash flow to be between $ 4.5 billion and $ 6 billion. Still, President and Chief Executive Officer Barra is under pressure to push up GM's share price, which has fallen behind market performance. The company has faced challenges from activist actors twice over the past four years. GM stock rose 9.3% on Friday and 7.8% to 37.45 dollars in the afternoon. Report by Nick Carey, Joe White in Detroit and Ankit AjmeraRelated video: