GM CFO on politicization of EVs: We try to rise above politics

GM is still powering toward an electric future, even if EVs have become a politicized talking point on the campaign trail.

"I think we're trying to rise above politics and make this really about consumer choice," GM CFO Paul Jacobson told Yahoo Finance when asked if he was frustrated about electrified cars being dragged through the political mud.

Former President Donald Trump has repeatedly hinted at dialing back Biden administration EV infrastructure investments and a popular $7,500 tax credit for consumers.

Jacobson said GM will continue to invest in battery production and EV making, no matter who wins the White House.

Added Jacobson, "We think [the $7,500 tax credit is] an important tool for some consumers today, but there are others who don't qualify for it or otherwise don't get it. And they're buying electric vehicles as well."

GM is finally gaining traction in its EV business after years of investment and some assistance from the government.

The company said it delivered 22,000 EVs in the second quarter, up 40% year over year. Popular sellers included the new Cadillac Lyriq and Chevy Blazer EV crossovers.

For 2024, GM reiterated a goal of producing 200,000 to 250,000 EVs. It also reaffirmed a target of hitting "positive variable profits" for the EV division this year.

The company continues to prove to Wall Street it's chugging along despite election year theatrics — and deserving of its 38% stock price appreciation this year.

The auto giant reported second quarter sales rose 7.2% year over year to $47.9 billion, besting analyst estimates for $45.46 billion. The company called out success with pickup trucks such as the Silverado and Sierra and crossovers like the Trax.

Adjusted earnings per share of $3.06 improved 60.2% versus a year ago, well ahead of consensus forecasts for $2.75.

Shares rose 4.5% in early trading.

GM's Q2 results generally outperformed industry conditions. Overall, Q2 new car and truck sales totaled over 4.1 million, up slightly year over, according to Cox Automotive. The rate of sales slowed sharply from a 5% growth rate logged in the first quarter.

The company once again hiked its annual profit forecast. GM sees full-year adjusted earnings of $9.50 to $10.50 a share. Previously, it had modeled for $9 to $10 a share.

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