{"text":[[{"start":8.84,"text":"General Motors will aim to be as “lean” as possible as it braces for heightened competition in the US, as global carmakers flock to the lucrative market in pursuit of “a safe haven” from Chinese rivals."}],[{"start":20.58,"text":"Paul Jacobson, chief financial officer, said the Detroit-based company would continue to focus on making its electric vehicles more affordable and profitable, while warning that US climate policy could remain volatile for the next five years."}],[{"start":34.32,"text":"The US was “becoming an outlet for global automakers who are facing the pressure of China in their international markets” and “finding a safe haven in the US”, Jacobson told the FT in London. “It will become more competitive.”"}],[{"start":47.52,"text":"Ahead of Chinese President Xi Jinping’s visit to the White House this week, the US automotive industry called on Donald Trump to continue shutting Chinese vehicles out of the American market through ultra-high tariffs and a ban on Chinese software."}],[{"start":60.64,"text":"Many industry executives and US politicians have cited the rapid expansion of BYD and Chery in Europe and beyond as evidence of the speed at which Chinese carmakers could expand in the US if trade barriers were lifted."}],[{"start":73,"text":"Concerns have risen since the US president recently said he would “be OK” if Chinese companies wanted to build car plants in the US, provided they hired American workers."}],[{"start":82.44,"text":"Jacobson declined to comment on the potential entry of Chinese carmakers but said: “We need to make sure that the business is as competitive as possible with high-quality products and trim our structural costs wherever we can.”"}],[{"start":94.72,"text":"Carmakers including Volkswagen, Stellantis and Toyota have targeted the US market to offset plummeting sales in China and declining profits in Europe and elsewhere. Trump’s trade war and higher tariffs have also spurred more investment in the US."}],[{"start":108.56,"text":"Hyundai has said it will enter the mid-sized pick-up truck segment and make a big hybrid push in the US. Toyota has sold 1.9mn vehicles this year, according to Cox Automotive estimates, as it inches closer to GM whose 2mn unit sales over the same period were down 6.2 per cent from a year earlier."}],[{"start":126.68,"text":"“We have a lot of deeply embedded loyalty in our customer base . . . but the minute that we take that for granted, our business becomes jeopardised,” Jacobson said, adding that the group would continue to “attack” its structural costs."}],[{"start":140.28,"text":"While there are concerns about affordability in the US, where the average listed price for a new car is more than $50,000, Jacobson said GM offered a broad line-up and had sold 700,000 vehicles last year with a starting price below $30,000."}],[{"start":155.16,"text":"Under chief executive Mary Barra, GM has slimmed down its global footprint following retreats from Europe, Vietnam and Australia as it focuses on profits over sales volumes. After a sweeping restructuring, its China business is now profitable and its global margin and cash flows have improved."}],[{"start":173.24,"text":"The US has also attracted global car brands following the rollback of vehicle emissions policies, which has allowed manufacturers to continue selling higher-margin petrol pick-up trucks and large SUVs."}],[{"start":184.64,"text":"Despite the rise in fuel prices caused by the Middle East conflict, US sales of EVs have continued to fall following the termination of EV tax credits last year."}],[{"start":194.08,"text":"Early this year GM also took a $6bn writedown as it scaled back its EV production capacity but the group is developing new batteries that it hopes will significantly cut EV costs from 2028."}],[{"start":206,"text":"Jacobson warned, however, against assuming the US would remain free of tighter environmental regulations over the longer term."}],[{"start":213,"text":"“If you are completely walking away from EVs,” he said, “that’s a dangerous position to take.”"}],[{"start":224.52,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790580037_8017.mp3"}