General Motors Company (NYSE:GM) is reportedly affected by an issue with assembling battery modules of electric vehicles, poising headwinds to ramp up production.
The automaker’s electric vehicles, from Cadillac Lyriq SUVs to BrightDrop vans, had been affected by the problem, Reuters reported, citing a statement from Chief Financial Officer Paul Jacobson at a J.P. Morgan investor conference.
The “stumbling block” was first reported last week by Chief Executive Mary Barra, the report noted.
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However, GM refers to its Cruise automated vehicle operation as a bright spot. Cruise has “largely solved all the technology challenges,” Jacobson said, as noted by Reuters.
Cruise is still targeting $1 billion in revenue in 2025 and growing margins as costs continue to come down, the report added.
Price Action: GM shares are trading lower by 3.2% to $35.08 on the last check Thursday.
