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GM Says Iran War-Driven Gas Price Spike Has Not Yet Shifted U.S. Auto Buying
General Motors ($GM) said it has not seen a meaningful shift in vehicle sales despite a 27% rise in average U.S. gasoline prices since late February, according to CFO Paul Jacobson. He said first-quarter sales were affected more by weather and lower truck inventory as GM prepares to launch new full-size models than by higher fuel costs tied to the war in Iran.
- GM finance chief Paul Jacobson said consumers typically need four to six months of sustained high oil prices before changing vehicle preferences.
- Jacobson said GM has not yet seen buyers materially trade down or move toward higher-mileage vehicles.
- He said first-quarter sales were impacted more by weather and limited truck inventory.
- The U.S. average gasoline price rose to $3.72 per gallon, up 27% since late February, according to the EIA.
Relevant Companies
- General Motors ($GM) - Higher fuel prices could affect future consumer demand for trucks and SUVs if elevated prices persist.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
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