GM's Q1 2025 Earnings Call

[00:00:00] Good morning and welcome to the General Motors Company first quarter 2025 Earnings Conference Call. During the opening remarks, all participants will be in a listen-only mode. Good morning everyone. We appreciate you joining us as we review GM's financial results for the first quarter of 2025. Joining us today are Mary Barra, GM's Chair and CEO, and Paul Jacobson, GM's Executive Vice President and CFO. Susan Sheffield, President and CEO of GM Financial,

[00:00:30] CEO, on today's call management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the Safe Harbor Statement on the first page of our presentation

[00:00:50] as the content of our call will be governed by this language. Hello everyone and welcome to Kilowatt a podcast about electric vehicles, renewable energy, autonomous driving and much much more. My name is Bodhi and I am your host and on today's episode we are going to talk about

[00:01:18] Tesla's Q1, not Tesla, GM's Q1 2025 Earnings Call. And yeah, I might sound a little bit different because I'm recording from a hotel room in Flagstaff. I have some training to do up here. So you might also hear the heater in the background because I am a wuss and it is cold-er here than it is in Phoenix. I left like 102 degree temperatures to come up into 60 degree temperatures and at first it was lovely.

[00:01:50] I had some cold drinks, not alcoholic drinks, just regular cold drinks with dinner and I am frozen. So I'm a wuss, plain and simple. Anyway, yes, we're going to talk about Tesla's Q1 2025 Earnings Call. I do have a couple of things because we're going to get to Mary Barr's opening remarks, but they're not

[00:02:14] very long. And again, like everything that I do when it comes to earnings calls, I cut this up so that it makes sense for the show. It doesn't necessarily, it might sound like it happened the way that I present it. However, I did take different pieces from different parts of our opening remarks to smoosh it all together. So it sounds like it's one. And from a, you know, efficiency standpoint, this makes more

[00:02:39] sense. However, if you want to hear the full earnings call, I would encourage you to go to GM's investor site and listen to the earnings call in its entirety. All right, we're going to start off with Mary Barr's opening remarks. These are kind of short. I didn't take too much from her opening remarks. So let's listen in now. We're also focused on growing our EV business responsibly.

[00:03:04] We have some of the best and most successful EVs on the market today, including the Chevrolet Equinox EV and the Cadillac Lyric. To protect our brands, we have moderated EV production to ensure that we stay aligned with the consumer demand to avoid the heavy discounts our competitors offer. This will reduce our scale driven profitability improvement, but we need to follow the consumer. We're also focusing our EV investments on greater efficiency and cost reductions across the value chain instead of further

[00:03:34] portfolio expansion. We've announced an agreement to sell our share of the Altium sales plan in Lansing to LG Energy Solution, which will result in us recouping our capital investment. In addition, we'll continue to execute our plan to develop U.S. sources for battery cell and electric motor inputs like lithium, rare earth metals, permanent magnets, and cathode active material. Many of our supply chain

[00:04:01] initiatives are coming online later this year or early next year. In 2027, we expect our joint venture with Lithium Americas to open phase one of the Thacker Pass project in Nevada, and we are contracted for 100% of that off-taste. In addition, our first quarter share of the U.S. EV market was 10% and rose to 12% in March, solidifying our position as the number two EV seller.

[00:04:26] Okay, so mostly I played you that clip because that sets up a talk that Paul Jacobson, I believe his name is, is the CFO. He is going to talk a little bit about tariffs, and from a standpoint of, from a business standpoint, at least outwardly, GM does not seem to be too worried about tariffs. And we'll hear why that is a little bit later.

[00:04:51] I wouldn't say that Mary Barra and the team were flattering when it came to tariffs from the Trump administration, but they didn't have, you know, they put a positive spin on it, or as positive as they can. In terms of Ford, on the other hand, and I haven't listened to Ford's earnings call yet, but Ford did come out and say that tariffs would cause Ford to raise prices,

[00:05:18] particularly on vehicles built in Mexico. And the Mach-E is one of those vehicles built in Mexico. Another thing that was said, I think it was by Paul, was that the EV was up 90% year-over-year for GM. And EVs account for 20% of Cadillac's US sales. So that's pretty impressive for GM.

[00:05:45] Because when, you know, GM kind of first started this with the EVs, you know, they had the Bolt, and they had the Lyric, and the Hummer, and it didn't seem like they were all that dedicated to EVs. But now, you know, they're number two, and Ford is waning a little bit. Ford was number two for a long time, in the US anyway, and now they're waning quite a bit.

[00:06:11] All right. So I said we were going to talk about tariffs. Let's go ahead and tee up the tariff flip. Now let me spend a few minutes on tariffs. Beginning in early April, a 25% vehicle import tariff was imposed. For vehicles that are USMCA compliant, which all of our North American-produced vehicles are, the US content is not subject to the tariff once the necessary administrative processes are implemented in the coming weeks.

[00:06:36] Since the election, our manufacturing and supply chain teams have been focused on developing strategies to help mitigate the impact of potential tariffs. These strategies are now actively being put into action. Mary mentioned a few of these examples in her remarks. We'll take additional mitigation measures, including cost reduction targets, where it makes sense to do so. We're reviewing the cost initiatives that were implemented during COVID, but we want to ensure that we don't cut too deep.

[00:07:04] The environment is very different today than COVID as demand remains quite strong. They've also announced tariffs on imported parts. While we source parts globally, our guiding principle is to buy where we build. The US is GM's primary location for sourcing parts supply for US Assembly, comprising well over half of its annual parts expenditure. Steel and aluminum are largely sourced local to production.

[00:07:30] We have a proven track record of working collaboratively with our suppliers to navigate industry challenges, and we anticipate that this occasion, as we work to increase US sourcing further, will be no different. By working together, guided by transparency and trust, we are carefully evaluating the actions we can take with our suppliers to help mitigate the impact on their business.

[00:07:56] One of Tuesday's presidential actions will provide a tariff offset based on the more than 1.5 million vehicles we build in the US each year. This will help mitigate a substantial portion of tariffs on parts going into those vehicles and help avoid added costs on US vehicle production. This offset program supplements, but does not replace, continued preferential treatment for USMCA-compliant parts. The other action will ensure that tariffs on parts don't stack on top of each other.

[00:08:25] We believe both of these are smart policies that help encourage companies to do more in the US, while also ensuring satisfactory return on invested capital. Now let's move to our 2025 guidance. Based on Q1 results, our underlying business trends remain strong and would have kept us on track with the initial guidance that was given on the Q4 earnings call with better pricing offsetting warranty and FX headwinds.

[00:08:52] Post-clarity from the presidential actions of Tuesday, we are expecting a $4 to $5 billion impact from tariffs. This includes about $2 billion coming from vehicles we import from Korea, as well as tariffs on vehicle imports from Mexico and Canada, in addition to indirect material imports. You're going to hear them say USMCA a lot. That is the United States-Mexico-Canada agreement, just for that point of reference.

[00:09:21] So while it sounds like GM, since they source a lot of their parts here in the US, have set themselves up to really reduce the impact of those tariffs, it's not going to be nothing, you know, $2 to $6 billion or whatever he said. That's still a pretty good chunk of change.

[00:09:49] All right, next up, we're going to talk about GM's AI investment and their autonomous driving efforts. Oh, by the way, we're on to analyst questions. So here we go. First analyst question. Big picture question. You know, with all these disruptions we've seen in new vehicle production in the last four years, how does that shape your pace of investments in AV and AI to capture more of that install-based revenue?

[00:10:15] Maybe to that, if you could provide an update on the timing of the next-gen software-defined vehicle platform and maybe some of the L3 offerings you're working with the cruise team. Thank you. Yeah. So when you look at, I mean, the timing, we have successfully integrated the cruise team into working with the GM team, and it's going quite well. We're going to talk more about what the timeline is for the software-defined vehicle,

[00:10:42] as well as continuing to make improvements and getting to L3 from an AV technology perspective. What we're committed to do in the meantime is to keep adding features to Super Cruise. Hopefully, everybody saw that it was just stated as the best driver assistance technology by Motor Trend, and we're going to continue to add features, you know, like we have towing right now. No one else in the industry has towing with their L2. So we can go to L2, L2 plus, and then on the way to 3.

[00:11:11] So we'll share more about the actual timing for it later this year. But I would just say on the software-defined vehicle, there's already been tremendous progress made in our software development process and, more importantly, our software validation process. It has led to simplicity and less variations of the software that is allowing us to dramatically improve the quality and improve the speed of putting additional services

[00:11:39] and things that our customers will value. So that's all on the way to the whole next generation of SDV. So, again, more to follow on that later in the year. And then the first part of your question, E.K., was? Yeah, just at the pace of ABAI investment, it sounds like you're accelerating those in light of all the disruptions we've seen in the last few years. Well, we're going to continue to invest because we think autonomy is so important, again, improving L3 all the way to L4.

[00:12:08] And that's why we did the change that we announced last year with Cruise because we really want to focus on personal autonomy. And that's going to be, I think, very important and a differentiator from a technology perspective as we go forward. From an artificial intelligence perspective, we announced the partnership we had with NVIDIA. We have many other partnerships going on because we think we can leverage AI to make our business much more efficient and faster. And so those are continuing.

[00:12:37] We just hired a new head of AI who's working across each area of the business, and each of my directs has a goal to demonstrate how they're leveraging AI to either improve the way we do business or the cost of how we do business. So very active on that front. All right, just to address a couple of things here. First, Super Cruise voted the best level two autonomous driving feature, software package, whatever. That, you know, that's pretty impressive,

[00:13:07] especially when you've got Tesla out here working on theirs. I don't know how much validity I would put into that because, you know, maybe. I would like to know how they decided that it was the best. And I'm not saying that it's not because it very well could be the best L2 autonomous driving package out there. I don't know. But what I do know is they did not change from, you know,

[00:13:36] Cruise to Super Cruise. They didn't divest themselves from Cruise or absorb it, whatever they did. It was kind of a both. They did kind of both divesting and absorption. They didn't do it because they wanted to focus solely on personal autonomous driving. They did it because Cruise, as an autonomous taxi service, was damaging GM's brand, you know, to the least of it.

[00:14:04] You know, there were cars just sitting in the middle of the streets in San Francisco and people in San Francisco, not fans of the cruise vehicles. And then, you know, to a little bit more of an extreme, they did, I don't know, hit a bicyclist. It drug the bicyclist to the side of the road and then they doctored the video and then gave it to PD, to the police department. There is that part of it.

[00:14:32] And then they tried to bring it back and it just wasn't coming back. So to say that, well, this is why we got rid of Cruise or this is why we're focusing now on personal autonomy, maybe I would bet that your decision had more to do with it dragging a pedestrian than it did and doctoring a video. I would guess it's the brand damage more than it is focusing on Super Cruise.

[00:14:58] Now, listen, having said all that, I've heard Super Cruise is very impressive. So I don't want to besmirch the technology. I'm just besmirching the idea that that was the biggest reason for you to switch from a robo-taxi type service to focusing on personal autonomy. And I'm glad you did it. Don't get me wrong. Let's just be real about it. I'm Mieze Katz and I'm sharing my songs.

[00:15:28] Johannes Oerding led to South Africa to the concert of concerts. Sing my song, the exchange concert. Wednesday at 20.15 at Vox. And stream on RTL+. All right. You will not be surprised to hear that they talked a lot about tariffs and EBITDA and SAP and all these other things that are financially related and don't have anything to do with this podcast.

[00:15:57] So you can imagine my appreciation when I came across after many, many minutes, tens of minutes of listening to the earnings call about tariffs. Somebody asked a question about Super Cruise. Hey, thanks. Good morning, Mary and Paul. A question on Super Cruise. You mentioned in the deck you increased the population by 230,000 units year on year.

[00:16:25] So can you confirm how many are on the road right now collecting data in total? And curious, anything you wanted to highlight there in terms of rate of change on Super Cruise? It seems like the Waymo-Toyota collaboration on autonomous solutions and data collection is, frankly, in part a validation of your thesis and approach. And I have a follow-up question. Thanks. Okay. Just, you know, you're correcting that we added the 230,000 units.

[00:16:53] Let us see if we can quickly get what that takes the total volume up to. But as you said, we're committed to doubling that this year and we're on track because we had 100% year over year from a Super Cruise perspective. And yes, appreciate your comments. Again, personal autonomy we think is so important as we move forward. And that's why it was so important to get the team really focused on what it takes to lead from a personal autonomy perspective. So the team is doing that.

[00:17:23] We have many new members of the team that were on the GM side. And now when you combine them with the cruise team, I'm very excited about the progress. In fact, I'm going to be out there next week to do a deep dive in that review. And they're telling me by the calendar year end, we'll have over 700,000 vehicles that are cruise equipped, Super Cruise equipped. You know, one of my regrets there, Adam, is that during the semiconductor shortage, we had a choice of build without Super Cruise or not build.

[00:17:51] And so we're catching up quickly from that right now. So that's why you see the growth this year. But we're committed to autonomy and continuing to improve with what we can do year by year. And again, we'll hear more about that later in this year. But the team is working really well. Thanks, Mary. Yeah, when I got my Tahoe, which I absolutely adore, unfortunately, Super Cruise was not available at that time.

[00:18:18] Look, I like my Tesla, but for the record, I love my Tahoe. A follow-up question, Mary. Hey, Adam. Hey, Adam, you know, we have Super Cruise equipped Tahos right now. So I'm happy to introduce you to a dealer who could sell one to you if you'd like. I know the Nero Shell people are great. We'll get talking to them. Okay. All right. So 700,000 vehicles equipped with Super Cruise by the end of the year.

[00:18:47] That's pretty impressive, especially when you consider they chose not to put the technology in vehicles during COVID or a lot of vehicles during COVID. And then a nice little, I left it in, the Mary Barra trying to sell Adam Jonas a Tahoe equipped with Super Cruise. Very nice. Just kind of made me chuckle. All right.

[00:19:13] Adam Jonas has a follow-up question, and it is about tariffs, AI, and robotics and automation. So let's listen to that. A follow-up question. My follow-up, out of the tariff changes coupled with the advancements in AI and robotics impact GM's approach to automation. Many of your global competitors, such as Tesla, BYD, Xiaomi, Huawei, even Hyundai, Kia, et cetera, they're looking at things like humanoid robotics.

[00:19:42] And as you work with NVIDIA and following the hiring of Barack Trotsky, your new head of AI, is GM exploring humanoids in terms of either labor substitution or even making these robots and developing them, given your expertise in complex supply chain and scale manufacturing at quality? Or any other form factors or comments on automation you'd like to share? Thanks, Mary. Yeah. Yeah. You know, I think we're looking at efficiency and great efficiency, you know, all the way

[00:20:12] to the plant floor starts with smart design of the vehicles and then how you design the vehicles and how they can be put together very efficiently and good for the workforce. We've focused a lot already and have tremendous expertise within the company of using automation, robots, cobots to really focus on the difficult to do jobs of putting a vehicle together. And when they're difficult to do, you generally then get quality issues and you cause ergonomic issues.

[00:20:42] So we are going to continue on smart design, starting with the way the vehicles are built all the way through to the factory floor. We do have extensive knowledge and work going on and several partnerships as we look at what is the latest technology to make sure we're efficient and we compete and protect our workforce from a safety perspective. So the answer is yes on all of those fronts, but I did really want to reinforce it starts

[00:21:08] with designing the product well so it's easy to build and therefore then you can leverage automation where it makes the most sense. I thought this was a pretty good non-answer answer. Um, listen, I'm not saying it's not a good answer and I'm not saying she didn't say anything, but she didn't say much. Um, you have to be really careful, especially when you are a, uh, uh, negotiating with unions on a regular basis.

[00:21:38] So yeah, you don't want to say, I mean, I'm sure if GM could get away with having as many robots that I could actually do the job as possible, that that's how many they would have. But they have contracts with unions and, and beyond that, you know, some of their suppliers have contracts with unions. So they got to be really careful how, how they tread here. Um, I do think, you know, talking about the more complicated it is to build a vehicle, the more, um, ergonomic injuries

[00:22:08] you have. So that made sense to me, you know, um, I can't remember what she said, like helper robots or something like that. But, um, um, yeah, I mean, if you can get somebody in there or you can get a robot in there to help somebody's job easier or free somebody up to do something else that a robot can't do, why wouldn't you do it?

[00:22:33] But also you don't want to go the Elon Musk route of building the machine that builds the machine. And, you know, eventually saying, well, we're just going to get rid of most of the workers and the people that will be there will be the people that work on the machine that builds the machine. And if I'm sure if Elon had his way, turns out it's harder than he thought it was going to be. I'm sure if Elon had its way though, he would have robots that work on the machines that build the machines, but that didn't end up happening. So let's move on to our next question.

[00:23:03] Thanks, Mary. Thank you. Our next question comes from Daniel Roska with Bernstein. Your line is open. All right. Good morning, Mary Paul. Thanks for taking the question. Um, may I invite you to take a longer term view with tariffs in place? The cost curve for parts is now higher. The demand for parts of the U.S. and U.S. MCA compliant will be higher too. In your mind, as you're preparing for your next round of supplier discussion, you know,

[00:23:30] what, what would prevent suppliers from raising prices on U.S. and U.S. MCA parts to capture some, some incremental margin here as long as the tariffs are in place? Well, uh, Daniel, uh, we have worked hard over the last decade to have a very positive relationship with our suppliers and not make it transactional of sharing the pie of who gets

[00:23:55] more of the pie versus how do we take cost outs, drive more efficiency, leverage the good ideas that they have and incorporate, incorporate that into our vehicles faster. So frankly, um, I would be disappointed if suppliers, especially with U.S. MCA compliant, they're going to try to, to, to leverage this as a margin expansion. And frankly, I don't think our suppliers will. We work regularly. There is going to be some pressure on our supply base.

[00:24:21] But again, as we approach it, we always look for how do we together look at making the business more efficient? Less than a month ago, we had our supplier of the year where we had our top suppliers together. We had conversations and breakouts about how do we work on this together? So that's the way we're going to focus on this, um, uh, not only this year, but into the indefinite future. And so maybe as a follow-up, is there, is there a risk that there may be suppliers in your

[00:24:49] network who are not able to completely document the U.S. MCA compliance in the upcoming months? And kind of, do you expect kind of the parts cost to be a little bit higher in the initial phase, um, as suppliers kind of document the U.S. MCA compliance and you then get to exclude those parts? Well, we're working to help them do that because it's in both of our best interests. Uh, again, it, you know, we have supplier, uh, challenges day in and day out every, every year.

[00:25:18] We actually have a special team. We work with the suppliers that are struggling and we're going to be very thoughtful about how we do that and, and continue to leverage the goodwill we have with suppliers that we, uh, earned during COVID, during the semiconductor shortage and as we move forward. So, uh, you know, I'm not going to comment on, you know, is there going to be zero? Uh, but again, we're going to be very thoughtful and first look to see how do we offset and how do we work together to make it more efficient?

[00:25:45] We've been actually doing some great work with the supply base of really encouraging, um, and getting them involved earlier in our vehicle design so we can take advantage of their best ideas. And, and that's where you really get the savings versus if you're, if you're talking about looking at it at the end, um, you're not driving the efficiency that you need to have. We're very much bringing them further left in our development process, uh, so we can both win together. And when we have great vehicles that sell well in the marketplace, like you're seeing right

[00:26:14] now, that's best for our suppliers too. You know, Mary Barra has been very consistent when it comes to, uh, talking about the suppliers and talking about working with the unions and the employees and all that stuff and, you know, sharing the wealth, uh, working together. She's very, seems to be very collaborative and, you know, not, uh, not pulling up the ladder behind her or throw in GMs.

[00:26:40] I'm sure they throw GM's weight around, but throw in GM's weight around in a way that is, um, predatory. They don't seem to be that kind of a company and Mary Barra doesn't seem to be that kind of a CEO. Uh, I do believe that when everybody benefits, you build a better product. I do like that. They're talking to other, uh, you know, talking to the suppliers when they're working on products

[00:27:05] during the design phase so that they can get the, um, you know, the, the best possible part to put in, um, before they goes into production, right? That the, the, the idea that you go into production and then you find all of these problems, it's much more expensive to fix that if you've got all this worked out before you get into production. So I like that. I thought this was a very good question and a very good answer.

[00:27:50] All right. I'm going to do this next question, not because I think it's. Good for this show. I'm going to do it because it gives you an idea of all of the questions and all of the answers that were given when it comes to tariffs that I didn't play. It sums it up nicely. And I think you do end up, I do think it's valuable to know this stuff.

[00:28:18] Do I think we all need to be hit over the head multiple times with the same question, just phrased differently? No. So I'm, if this question and answer was not, uh, valuable, I wouldn't put it in, but I do think that you will find some value in it. So I'm going to go ahead and get to, uh, the last question. Our last question comes from John Murphy with Bank of America. Your line is open. Uh, good morning, everybody.

[00:28:48] Um, I just wanted to ask, uh, you know, maybe a positive question on tariffs. Mary, as you think about your product cadence going forward, um, and the products that you're going after, I'm just curious if there's been any, any significant changes, because as we look at this, the German Lux brands are, are wildly disadvantaged. And so are really the Koreans sort of in, in the mid level of the market. So it seems like there may be a real opportunity for Cadillac and Chevrolet to really kind of lean into this and not just maybe take price, but really take market share.

[00:29:19] Uh, John, I think, first of all, thanks for the question. I think you, you bring up a very good point. Um, we do build, um, you know, what is it? Over 1.5 million units in this country. And some of our most important, where we lead in market share and we're growing share already with a 30, with the new, uh, newly redesigned full-size SUVs that are built in Texas. We saw a 30% growth, uh, and the Escalade as well with both the Escalade and the Escalade

[00:29:48] IQ built, built in Texas and Michigan. So there is a huge opportunity for us to continue to build and leverage our product strength. And the fact that these vehicles are built in the U.S. and have the USMCA compliant. In fact, uh, you know, what we've just seen is the best April since 2007. So I think there is upside opportunity for General Motors in both ICE and EV. And believe me, we're going to leverage every single opportunity.

[00:30:17] And then if I could sneak one last one in on the tariff side on, on the sort of from the other side of the equation is, I mean, you guys are, you know, operating incredibly well in a very tough environment, 10 to $12 billion of, uh, 12 and a half billion on EBIT should be commended. You put a floor of $8 a share out there. You're raising the dividends. Um, you're moving some manufacturing back to the U S from the administration's perspective. As they look at this, you're a success story. You're certainly not a company in trouble by any stretch of the imagination. You're succeeding in a tough environment.

[00:30:44] As you're talking to them and, and working on maybe some further relief from tariffs. I mean, what kind of leverage or angle are you using with them? Um, because the reality is, you know, given the current state of affairs, you're, you're still doing fairly well. So I, I'm, I'm just curious as you have these discussions and, and maybe hope for relief or push for relief, you know, how do you, how do you kind of position yourselves in that discussion? Well, I, I think one is we're committed to the United States.

[00:31:12] As I said, in my opening remarks, we have more, um, employees in this country, uh, than anyone else. We provide over 45,000, uh, and growing good paying jobs from a represented perspective, uh, that really the industry created the middle class and will continue to do that. Uh, so I think that, um, when, when we look at, uh, everything that's going on, and I think you brought a lot of really good points.

[00:31:40] We want to be in a position and where we're 100% goal aligned with the president is to have a strong U S auto industry. And so we have made points of what it takes for us to do that in grow share and then have a level playing field. So we can, uh, we can grow from an export perspective. So what we're going to do is continue to leverage the strong product portfolio that we have continue. We've made the point we need to have, uh, generate enough that we can, uh, reinvest in the business

[00:32:08] to continue to have strong product programs. And so we're just going to continue to keep executing. We have never approached this situation because we understood from the early discussions I had directly with the president that, um, he had a very strong goal to strengthen manufacturing in this country. We want to be a part of it. So we haven't thought of this as a chaotic environment. We've looked at it as, okay, we, we complied with USMCA when it was done in his first term,

[00:32:37] we were able to, you know, make that point and show that strongly. That's what we're doing. We talked about the opportunities that make good business sense for us to, to make some changes to our footprint based on the new environment. So I'd say the conversation has been very productive and I do want to thank the president and the administration for taking the time, um, investing their time to understand our industry so we can accomplish our share goals of growing the U S auto industry and, and which will be good for America, um, in the longterm.

[00:33:06] And lastly, I'll just say, when you think about our industry, it's not only important from an economic security perspective, it's important from a national security perspective. And we've had those conversations as well. So thank you, John, for, for both of your questions. Thank you very much. All right. That was GM's Q1 2025 earnings call. You know, I, we didn't learn anything about new products.

[00:33:30] We didn't learn anything about, uh, the EV industry just kind of in general, some autonomous driving stuff, definitely some stuff on tariffs. It sounds like GM has positioned themselves to be in a good place when it comes to weathering the Trump administration's tariffs. And, um, yeah, I, I, it, there was some other things that they had talked about, about like,

[00:33:57] it sounds like there's a new EV truck, maybe a smaller truck, maybe like a size of a Colorado or something like that. Sounds like GM's working on something like that, but they didn't want, they, they dropped hints without making any sort of announcements. So there's lots of stuff that they have that, that's coming up in the next year or two, you know, 2025, 2026 that they don't want to talk about. So whether that's, they don't want to talk about it because, uh, you know, it's still

[00:34:26] too early or they don't want to talk about it because, you know, tariffs have created some uncertainty. And if that uncertainty continues to exist, they'll just delay production of those products or continue refining them or whatever and not announce. I don't know. Uh, you know, the Chevy Bolt refresh is supposed to be out in 2025. We'll see if that actually makes it, uh, based on some of this stuff, uh, that's going on in the world right now.

[00:34:55] All right, everybody, that is it for me. If you want to email me, you can do so. Bodie, B-O-D-I-E at 918digital.com. We are going to listen to Mary Barra's closing remarks and then it'll go to music and then that'll be it. That'll be it for the show. Thank you everybody again for listening. I really appreciate all of you and I will talk to you on Tuesday. Well, um, I really appreciate, um, first of all, everybody's flexibility as again, I

[00:35:21] want to reiterate, we changed the, this call, uh, because we really wanted to provide the best guidance that we could. And, uh, we had a good sense that after the actions taken by the administration were announced, we would be able to share with you our guidance for the year, which is exactly what we did. Uh, we're going to continue to work to strengthen our business. I think you've got a, a leadership team that is committed to being, uh, agile and flexible, focusing on what's important in this interest in, in, in this industry.

[00:35:50] And that's having strong product. Uh, because at the end of the day, the product is what gets, um, earns you more customers, earns you more share, uh, makes your position with the supply base very strong and continue to, to, to build on the loyalty that we have in the United States. And we look forward to continuing to grow this business. We've grown for the last three years and, uh, continuing to deliver returns to our shareholders. That's what we're focused on.

[00:36:19] We will continue to be good stewards of, of you, our owner's capital. And we appreciate, um, we appreciate your interest today and your support. So thank you all very much. That concludes the conference call for today. Thank you for joining.