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MarketScreener Homepage  >  Equities  >  Nyse  >  General Motors Company    GM

GENERAL MOTORS COMPANY

(GM)
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General Motors : GM pivots from Trump to Biden in favor of stricter fuel standards

11/24/2020 | 08:34am EST

General Motors says it will immediately step away from Trump administration efforts to scale back strict fuel economy standards in California and work with President-elect Joe Biden on plans that align more with environmental and climate change goals.

GM and other automakers had joined the Trump administration in fighting California's tight fuel economy rules in court.

Competitors Ford, Honda and Volkswagen sided with the state and supported the stricter standards, which were part of former President Barack Obama's administration, which included Biden as vice president.

In a letter Monday to 11 leading environmental groups, GM CEO Mary Barra said she supports Biden's effort to address climate change.

The move marked an abrupt about-face from the automaker's position under President Donald Trump's four years of leadership.

General Motors' policy swing is rooted largely in the company's ongoing efforts to produce more fully electric vehicles.

"We believe the ambitious electrification goals of the president-elect, California and General Motors are aligned to address climate change by drastically reducing automobile emissions," Barra said.

"We are confident that the Biden administration, California and the U.S. auto industry, which supports 10.3 million jobs, can collaboratively find the pathway that will deliver an all-electric future to better foster the necessary dialogue, we are immediately withdrawing from the preemption litigation and inviting other automakers to join us."

California has opposed efforts by the Trump administration to bar the state from setting its own fuel economy standards. California has been joined by nearly two dozen other states and environmental groups in fighting legal challenges.

Ford spokesman John Cangany said the automaker, traditionally GM's chief rival, welcomed the decision.

"Fighting climate change requires all stakeholders to come together," Cangany said. "We believe that our framework agreement is the best path forward for customers, the environment and the short- and long-term health of the auto industry."

California said in September that all cars sold in the state must be fully electric, beginning in 2035.

Copyright 2020 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source US Top News

Stocks mentioned in the article
ChangeLast1st jan.
FORD MOTOR COMPANY -3.02% 10.8525 Delayed Quote.27.30%
GENERAL MOTORS COMPANY -5.89% 49.05 Delayed Quote.24.98%
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Financials (USD)
Sales 2020 120 B - -
Net income 2020 5 712 M - -
Net cash 2020 6 160 M - -
P/E ratio 2020 13,1x
Yield 2020 0,75%
Capitalization 74 485 M 74 485 M -
EV / Sales 2020 0,57x
EV / Sales 2021 0,49x
Nbr of Employees 164 000
Free-Float 95,0%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 57,94 $
Last Close Price 52,04 $
Spread / Highest target 38,4%
Spread / Average Target 11,3%
Spread / Lowest Target -17,4%
EPS Revisions
Managers and Directors
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer
Matthew Tsien Chief Technology Officer & Executive VP
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