GM CFO: No signs of economic slowdown but inflation, supply chain remain challenges
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GM CFO Paul Jacobson said Tuesday that demand for its vehicles remains "quite strong" although its latest quarter was hampered by inflation and "late-breaking semiconductor challenges."
"Right now, all the data that we're looking at ... haven't shown any signs of weakness," the chief financial officer of GM (NYSE:GM) told CNBC, giving his assessment of the current economy.
Jacobson reported that the automaker has continued to see strong demand for new vehicles, even as concerns about a possible recession have mounted. At the same time, he noted ongoing positive signs from the firm's financing arm.
That said, the executive acknowledged that GM faced inflation headwinds in its latest quarter, estimating that it will see a $5B impact from rising prices in 2022.
Jacobson also noted a "choppy" supply chain situation, especially related to semiconductors, which has continued to impact its ability to build enough vehicles to meet demand.
General Motors (GM) edged lower in Tuesday's premarket trading after the automaker reported a quarterly profit that missed analysts' expectations. The disappointing bottom line came despite Street-topping revenue figures, with the top line growing nearly 5% to $35.76M. This total exceeded estimates by $1.41B.
The company attributed the results to supply chain disruptions, which impacted production, especially in June.
Looking ahead, Jacobson said the company is taking steps to move toward more direct sourcing, a strategy meant to give it more control over its supply chain. As part of this, the company has made deals to lock in its battery supply for EVs, part of a target to make 1M EVs in 2025.
GM's earnings followed results from Tesla (TSLA) last week. Elon Musk's EV maker beat on its bottom line but received some investor pushback over margins. 
Ford (F) is set to release its financial figures later this week, while results from Toyota (TM) are expected next week.

For more on GM's growing presence in the EV market, see a deep dive from Seeking Alpha contributor Juxtaposed Ideas, who says the firm is catching up with Tesla.