Detroit, Michigan — In the face of global parts shortages and skyrocketing gas prices, General Motors’ CEO has announced that the legacy OEM will double-down on its North American production capabilities and plans on “selling every truck we can build.”
Mary Barra, the automotive giant’s head since 2013, made the announcement on Monday during GM’s annual shareholder meeting.
She said the company is working on a twofold plan to invest heavily in electric vehicles in North America and China by maximizing the profits earned by its consistently popular truck and SUV lineup.
As such, the company plans to introduce a higher-priced version of the Chevrolet Silverado and other large SUV models.
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 plans to increase production levels by 25 to 30 percent by the end of this year.
In regards to ongoing parts and materials shortages, Barra said the company is in the process of redesigning vehicles to require 95 percent fewer processors.