General Motors CFO Paul Jacobson told Citi's Global Industrial Tech & Mobility Conference that the company is shifting its strategy to prioritize profitability over market share. GM is maintaining significant investment in both internal combustion engines and electric vehicles to achieve cost parity between the two segments.
Jacobson expects tariffs to impact the company by $3 billion to $4 billion this year. To mitigate these costs and stabilize the supply chain, GM is committing $5 billion to onshoring initiatives.
The company has improved cash flow by successfully reducing inventory levels. Jacobson identified software and services as the primary drivers for future growth and long-term shareholder value.