General Motors Co. (NYSE:GM) CEO Mary Barra has said that the credit for growing the EV market in the U.S. should go to Elon Musk and Tesla Inc. (NASDAQ:TSLA).
Mary Barra Corrects Joe Biden
During her appearance at the New York Times' DealBook Summit on Wednesday, the CEO shared an anecdote about meeting former U.S. President Joe Biden during an event at the White House in 2021, when Biden credited Barra for the surge in the domestic EV sector.
Barra shared that during a private conversation with Biden, she said that Musk deserved the credit instead of her. "Actually, I think a lot of that credit goes to Elon and Tesla," Barra said, adding that she does not believe in taking credit for things she did not do.
The White House event took place in August 2021, with Biden hosting an EV event with executives from GM, Ford Motor Co. (NYSE:F) and Stellantis NV (NYSE:STLA). However, the Biden administration had snubbed Musk from the event, which the former Vice President Kamala Harris says was a "big mistake."
GM's EV Layoffs
The comments come amid GM announcing it was laying off 3,400 workers, including 1,200 employees at the Detroit EV plant, as well as over 550 layoffs at the Ohio Ultium Cell plant.
The layoffs come as the company also took on a $1.6 billion charge related to EVs, with over $1.2 billion coming from EV capacity changes, while the remaining $400 million in charges were related to contract cancellations.
Ford CEO, GOP Lawmakers Hail Trump CAFE Rollback
Ford CEO Jim Farley, on Wednesday, hailed President Donald Trump's move to relax Corporate Average Fuel Economy norms, calling it a move that will help drive affordability in the U.S. market.
The move was also hailed by Sen. Ted Cruz (R-TX), as well as Transportation Secretary Sean Duffy, with Cruz saying that the move would ensure better safety in vehicles. Cruz is also challenging vehicle safety features like automatic emergency braking, among others, citing affordability concerns.
GM scores well on Momentum and Value metrics, while offering satisfactory Quality, but poor Growth. It also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: GM jumped 1.40% to $74.69 at Market close, surging 0.28% further to $74.90 during Pre-market, according to Benzinga Pro data.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next:
Photo courtesy: Shutterstock
