GM shares were trading down nearly 2% at midday, even though CFO Paul Jacobson said demand for GM's trucks and SUVs remains strong in the United States. GM has been able to raise prices in the United States over the past two years as supply chain bottlenecks kept production in check. GM will cut production to keep inventories in check, Jacobson said. GM has three battery factories in North America, and will announce the location of a fourth domestic battery plant soon, he said. Jacobson added that the company was going to have to "prioritize down" on growth businesses to focus on preserving cash.

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