Joseph White

DETROIT (Reuters), General Motors Co (NYSE) President Mark Reuss stated Monday that the automaker was confident in its outlook for 2022 and plans to speed up the launch of a brand new Cadillac electric car, despite increasing global supply chain risk.

Reuss spoke on a conference phone about the real geopolitical risk to automobile supply chains posed by the conflict in Ukraine. However, GM is responding to the threat and has plans for accelerating the launches of new electric cars like the Cadillac Lyriq.

Reuss explained that “we aren’t new to this business.” Reuss stated that GM has multiple suppliers and long-term materials contracts. We never know the answer.

Reuss claimed that GM had not altered its 2022 financial forecast, which calls for an operating profit of $13 billion-$15 billion this year, after a record $14.3 million in 2021 operating profit.

Rival automakers raised the prices of their electric cars or warned that financial projections for 2022 are in danger due to higher oil prices, and an increase in materials prices such as nickel, neon, and aluminum.

On Monday, GM officially launched the production of the Cadillac Lyriq electric utility car at its Spring Hill plant. Lyriq is a small utility vehicle that will be competing with Tesla’s Model Y (NASDAQ:). This vehicle has been the most-sold in Tesla Inc’s EV market leader lineup.

Reuss, along with other GM executives, said that Lyriq consumer interest is higher than anticipated. More than 240,000 people expressed interest.

Cadillac will permit customers to place firm orders starting in May 19 for the 2023 Lyriq

Rory Harvey, GM Vice-President for Cadillac said Monday that they were looking at ways to increase production.

Reuss stated that the Spring Hill facility will be able to produce as many as 200 000 Lyriqs per year and have all the necessary parts and materials. He said that the plant must continue to make combustion engine SUVs, and keep room for new EV models.

GM has been forced to speed up its efforts to produce electric cars in large quantities by the aggressive Ford Motor (NYSE) Motors rival.

GM stated earlier in the year that it plans to produce 400,000 electric cars this year as well as next.