GM sees no slowdown yet, expects hit from China’s COVID situation
1:47 pm Thursday, February 16th, 2023
(Reuters) -General Motors Co said on Thursday it was seeing no signs of slowing demand for automobiles amid economic worries, adding that it expects the volatile COVID-19 situation in China to impact the U.S. automaker’s first-quarter results.
“We still have very good confidence in the market,” said Chief Financial Officer Paul Jacobson, but added that the company was watching the macroeconomic environment carefully.
China’s move to abruptly lift COVID restrictions led to a rapid spread of the virus, weighing on consumer sentiment and hurting the business of U.S. companies operating there.
“We think it’s going to impact first quarter, we’ll see if it bleeds into second quarter,” Chief Executive Officer Mary Barra said at a conference organized by Wolfe Research.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)
