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GM CEO Barra says 'we are selling every truck we can build'

DETROIT — General Motors Chief Executive Mary Barra said on Monday the automaker is "selling every truck we can build" and expanding North American truck-building capacity, even as U.S. gasoline prices hit record highs. Barra made her comments during the automaker's annual shareholder meeting. GM is pursuing a two-track strategy: Investing heavily in electric vehicles for North America, China and other markets, and funding those investments by trying to maximize profits from its North American combustion pickup truck and large SUV lineups. Barra said GM is planning higher-priced versions of its Silverado large pickup and its large SUV models. GM and its Detroit rivals Ford Motor Co and Stellantis NV rely heavily on sales of large pickup trucks and SUVs for global profits. High U.S. gasoline prices in the past have undermined consumer demand for relatively inefficient models. Nominal pump prices hit an average of above $5 a gallon for the first time ever last week, the federal government said Friday. GM is ramping up production of EVs. Barra said the Cadillac Lyriq electric sport utility is sold out through 2023. In response to shareholder questions, Barra said the "clear priority" for using cash generated by its operations is to "accelerate our EV plans." She did not rule out share buybacks or other approaches to returning cash to shareholders. GM still expects to increase production this year by 25-30%, despite continuing pressure on semiconductor supplies globally. Barra said GM is working to redesign vehicles to reduce the number of processors required by 95%. Barra serves as GM's board chair and CEO. GM shareholders overwhelmingly rejected a proposal to separate those roles.

Two More Recalls Push GM Total To 4.8 Million In A Month

General Motors announced two more recalls late Friday, bringing to 4.8 million the number of cars, trucks and SUVs the automaker has called back for repairs in the past month. The string of recalls, topped by an ignition switch problem in compact cars now linked to 13 crash deaths, has embarrassed the company and sidetracked its new CEO, who started work just over two months ago. GM has admitted knowing about the switch problem a decade ago, yet it didn't recall any cars until February. The recall delay has brought two congressional investigations and probes by the Justice Department and the National Highway Traffic Safety Administration. Late Friday night, GM announced it would recall 490,000 late-model pickup trucks and SUVs because transmission oil cooling lines weren't secured properly in their fittings. Transmission oil can leak from a fitting and hit hot surfaces, causing fires, the company said in a statement. GM said it knows of three fires and no injuries. The recall affects Chevrolet Silverado and GMC Sierra 1500 pickup trucks from the 2014 model year, as well as 2015 Chevrolet Suburban and Tahoe SUVs and the GMC Yukon and Yukon XL SUVs. All have six-speed automatic transmissions. The Silverado is GM's top-selling vehicle and an important profit center for the company. The GMC Sierra also is among GM's top sellers. Dealers will inspect the transmission oil cooling line fittings and make sure they're securely seated, at no cost to owners. Also Friday night, GM announced the recall of 172,000 Chevrolet Cruze compact cars because the right front axle shaft can fracture and separate while being driven. The recall affects cars from the 2013 and 2014 model years equipped with 1.4-liter turbocharged four-cylinder gasoline engines. If a shaft fractures, the wheels would lose power without warning and the cars would coast to a stop. GM says it has warranty reports of several dozen shaft fractures. It is not aware of any crashes or injuries. Dealers will replace the shafts free of charge. The recall allows dealers to resume selling affected Cruzes. GM issued a stop sale order on the cars Thursday night. The recall also covers about 2,500 replacement shafts used to fix manual transmission Cruzes that were recalled last September. In all, GM has recalled 4.8 million vehicles since last month, two million more than the company sold last year in the U.S.

Chevy Express, GMC Savanna reportedly ending production for 2025

The oldest commercial vans on the market may only have a few years left, according to a report from Autoweek. The news outlet cited a "competitive analysis source" in saying that the Chevy Express and GMC Savanna commercial vans would be discontinued after the 2025 model year. They would then be replaced by a new electric van, likely Ultium-platform based, for the 2026 model year. We reached out to GM for comment, and this is the official statement sent to us: "We have said in the past that as part of GM’s larger EV acceleration plans that we will add two new vehicles to our commercial portfolio. The first is a full-sized battery electric cargo van and the second is a medium-duty truck that will put both Ultium and our Hydrotec hydrogen fuel cell technology to work. We have not disclosed timing, names or shared any other details, so any articles reporting more are purely speculative." The GM vans are mighty old, having been introduced for the 1996 model year. They've barely changed since then, having received just some facelifts and updated powertrains over the years. And with GM's electrification plans, we're not surprised that these vans will be on the way out. We do have some disagreement about the reported timeline for replacement, though. We suspect that the upcoming electric vans will overlap with the old vans for at least a year. The reason being that there are a lot of these vans on the road, and there are a lot of pieces of equipment that fit them. Box vans, buses and more have components that have been designed for the Express and Savanna. If you're a fleet that has invested in these components, you might not be ready to shift over to a whole new platform. So GM will probably want to give fleet buyers one last opportunity to replace any old vans before committing entirely to a new electric van platform. It will also be interesting to see what kind of market the GM electric vans enter. Ford already has its electric Transit on the way, and Stellantis will be launching the Ram ProMaster electric van next year. Those are both based on existing gas-powered vans. And GM itself has already delivered the first of its larger BrightDrop EV600 electric vans to FedEx. The coming GM vans will likely be new platforms, which could give them performance and range advantages, though the Ford and Stellantis vans will have the advantage of being compatible with equipment for the gas variants.