General Motors is bracing for tougher competition in the U.S. as global automakers squeezed by China look to expand there, chief financial officer Paul Jacobson told the Financial Times. GM plans to run as lean as possible to stay competitive, though Jacobson stopped short of addressing a possible entry by Chinese carmakers.
General Motors' chief financial officer Paul Jacobson said the automaker plans to run as lean as possible as it braces for increased competition in the U.S. market, according to an interview with the Financial Times published Monday.
Jacobson warned that the U.S. is becoming an outlet for global automakers facing mounting pressure from China in their international markets. According to the Financial Times: "outlet for global automakers" is how Jacobson described the shift, as those manufacturers seek safe haven in a market that has effectively banned Chinese car imports.
He did not comment on the potential entry of Chinese carmakers into the U.S. but said GM needed to keep the business as competitive as possible.
The concerns follow President Donald Trump's remarks last week that he would be OK if Chinese companies built car plants in the U.S., provided they hired American workers, which surged worries about market competition.
Source: Investing.com
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