By Kalea Hall and Nathan Gomes March 18 (Reuters) – General Motors hasn’t seen much shift in sales following gas price increases as a result of the war in Iran, the automaker’s finance chief said on Wednesday. CFO Paul Jacobson said weather and lower inventory, especially of trucks while GM is prepping to launch new […]
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GM says gas price hikes not impacting sales
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By Kalea Hall and Nathan Gomes
March 18 (Reuters) – General Motors hasn’t seen much shift in sales following gas price increases as a result of the war in Iran, the automaker’s finance chief said on Wednesday.
CFO Paul Jacobson said weather and lower inventory, especially of trucks while GM is prepping to launch new full-size versions, affected first-quarter sales more than other factors.
“Usually it takes four to six months of sustained high oil prices before people start to think, ‘Maybe I should go for less mileage, or maybe I should buy down,’ I don’t think we see that,” he said at a Bank of America Conference.
The price of the average U.S. gallon of gasoline has risen 27% since late February, up to $3.72, the U.S. Energy Information Administration said on Tuesday.
(Reporting by Nathan Gomes and Kalea Hall; Editing by Devika Syamnath)