General Motors Co and Ford Motor Co are expected to report strong profits for 2022 next week, powered by premium-priced pickup trucks and sports utility vehicles (SUVs).
GM and Ford both rely on sales of pickup trucks and SUVs in the United States for the bulk of their global profits. This year, both automakers plan to ramp up sales of much less profitable electric vehicles in North America and other markets.
EV battery raw material costs are rising, but U.S. EV market leader Tesla is cutting prices on its best-selling Model 3 and Model Y vehicles by as much as 20%.
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