GM shareholders have never had it this good
June 12, 2021. Summarized by summa-bot.
Compression ratio: 17.5%. 1 min read.
Mary Barra -- and GM shareholders -- is about to have the best shareholder meeting of her seven-plus year tenure on Monday.
New York (CNN Business)Mary Barra -- and GM shareholders -- is about to have the best shareholder meeting of her seven-plus year tenure on Monday.
At last year's annual meeting the company was struggling to recover from the double blow of the pandemic, which had closed most of its plants and dealerships and raised doubts about car demand going forward, and a crippling six-week strike the previous fall that cost it nearly $3 billion.
What a difference a year makes: GM (GM) is about to complete the most profitable 12 months in its 112-year history, despite a computer chip shortage that has forced it to close some plants and cut production.
But the profitability success is thus far more substantial than the still nascent EV operations at GM.
She said that while the company does want to restore the dividend and share repurchases it suspended in April 2020 to save cash in the depths of the pandemic, the priority is investing more into the transformation to EVs.
Investors are more excited by future EV plans than current profits.