GM to Add Hybrids as U.S. Gasoline Holds Above $4
Gasoline Holds Above $4 Europe's electricity demand is rebounding… What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… General Motors will add hybrids in multiple segments, CEO Mary Barra told analysts Oct.
20, with US gasoline at$4.28 a gallon, up from $3.04 a year earlier.
GM's US salesfell 6%in the third quarter, while Toyota's sales of electrified vehiclesrose 28.5%.
"We will have hybrids," Barra said on the company'sthird-quarter earnings call, in answer to UBS analyst Joe Spak.
She said GM will give more detail closer to launch.
Barra said the hybrids will come in segments where GM already competes.
She said much of today's hybrid activity is in compact cars, midsize cars and minivans, segments GM is not part of now.
The hybrids "have already been added," she said, and will not require additional capital spending and engineering.
GM sold 670,974 vehicles in the US in the third quarter, 37,751 more than Toyota.
Barra said the Equinox compact SUV is "fully maxed out even without a hybrid." Bank of America's Alex Perry asked Barra how higher diesel prices are affecting GM's supply chain and heavy-duty demand.
Barra said it is "early with the spike that's just happened in diesel." GM's diesels were more fuel efficient than a hybrid truck even before the spike, she said, so "cost of ownership was lower than buying a hybrid truck." US retail diesel has stayed above $6 a gallon since September,Reuters reported.
Toyota's electrified vehicle sales totaled 363,367 in the quarter, or 57.4% of its volume.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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