GM CFO: The company has 'shock absorbers' in place in case of a recession

GM CFO said leaders continue to cut costs across the company to be prepared if there's a downturn and mindful that EVs are not widely profitable yet.

General Motors is prepared for an economic downturn, but continues to cut costs to achieve a trimmed-down norm going forward as the automaker closes the gap in profit margins between electric vehicles and those of gasoline-powered cars, CFO Paul Jacobson said Thursday.

Speaking at the Deutsche Bank Global Auto Conference in New York, Jacobson touched on a wide range of topics including where GM can trim more costs after its headcount reductions earlier this year and how GM expects to make more money by selling subscriptions to consumers. He even touched briefly on the upcoming contract negotiations with the new leadership at the UAW.