General Motors Co at Wolfe Research Global Auto, Auto Tech, and Mobility Conference (Virtual) Transcript
Hi, everybody. Rod Lache from the Wolfe auto team again, and I'm very pleased to be welcoming you to our next session, which is with the management of General Motors.
Just to introduce this. Look, over the past 10 years, by and large, we've been impressed by what GM has done to create a much higher return and more cash-generative and more flexible business. Even though some of those actions involve shrinking the company's footprint, we think that the strategy has been successful. And the company has, over time, in fact, repeatedly exceeded expectations, including, I think maybe most impressively, very recently, during that severe downturn that took place in the second quarter of last year, 2 out of 3 months not producing vehicles basically and the company broke even in North America. So really impressive, not only in good times but even in bad.
Now all that said, until recently, this didn't really have very much lasting impact on the stock. And we think that the root cause boiled down to terminal value. So when investors
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