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COMING UP:Share Opener Variant 3

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Transcript

00:00:01
>> General Motors steers clear of the pile up of corporate profit warning so far this year. America's largest automaker expects good times ahead. On Friday, GM said its 2018 earnings will be better than what it previously forecast. And that 2019 won't be bad either as it expects profits to grow.
00:00:20
GM's bullish outlook is a relief to investors concerned with a general slowdown in auto sales in GM's two biggest markets, China and the US. Reuters' manufacturing correspondent Nick Carey.>> Overall, the outlook for the market had been bearish and GM's outlook runs completely counter to that. What they're saying is that, yeah, sure, passenger car sales are gonna continue to decline.
00:00:48
But, hey, look at our shiny new pickup trucks, they're gonna drive profits. And all of these cost cutting measures that we've announced in the last few months. In particular, sort of shutting down some plants in North America that make unpopular models, that's going to drive, improve profitability.>> The automaker also confirmed the Cadillac brand will lead GM's electric vehicle charge into the future as it looks to challenge Tesla.
00:01:14
That news coming a day after Reuters revealed this new strategy.>> Electric vehicles are expensive. The technology is new, it cost a lot to develop them, battery costs are still high. So going with a luxury brand where you have consumers who have deeper pockets and can afford electric vehicles, it makes sense on that front.
00:01:36
China is mandating electric vehicle sales in a way the US isn't, and so that will be a major driver.>> Shares of GM soared 8% Friday. Expect more product rollouts in the coming week as the industry gathers for the annual auto show in Detroit.