GM’s V-8 engines will ‘continue to be around for a while,’ CFO says – Yahoo Finance

GM (GM) may be targeting $50 billion in sales from electric vehicles by 2025, but the automaker still sees a future where it banks money from good old-fashioned gas-powered V-8 engines.

“We continue to believe that the ICE [internal combustion engine] portfolio has really strong value,” GM CFO Paul Jacobson said on Yahoo Finance Live (video above). “In fact, it’s funding the transformation [to EVs]. … They’re going to continue to be around for a while as we transform our vehicles into 100% EVs by 2035.”

A Cadillac Black Wing V8 engine is pictured at the 2019 New York International Auto Show in New York City, New York, U.S, April 17, 2019. REUTERS/Shannon Stapleton

To fuel further sales of V-8-powered autos, Jacobson signed off on a huge long-term investment plan earlier this month.

GM said it will invest $854 million into a variety of plants to build its sixth generation of small-block V-8 engines. The automaker’s small-block V-8 dates back to 1954, and its fifth generation of the engine debuted in 2013.

“There’s a lot of efficiencies that are coming in those new engines,” added Jacobson, a Corvette-turned-Camaro ZL1 owner.

Those V-8 engines helped the automaker report a jump in profits in the fourth quarter, driven by record revenue and strong demand.

For the full year, the company reported profits of $14.5 billion, near the high end of its forecast.

Here is how GM performed compared to Wall Street estimates:

For 2023, GM is forecasting adjusted EBIT of $10.5 billion-$12.5 billion and adjusted EPS of $6.00-$7.00. Analysts had been expecting $5.70 a share.

Shares of GM popped 8% on Friday, and the company’s ticker page was the most visited on Yahoo Finance.

Yahoo Finance’s Pras Subramanian contributed to this story.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Red Bull set to announce Ford engine partnership deal with US car giant – BBC

Honda-powered Red Bull won both the drivers’ and constructors’ championships in 2022

Red Bull are poised to announce an engine partnership deal with US car giant Ford.

Ford will join forces with the team from 2026, part-funding the engine Red Bull are designing for the new regulations to be introduced that year.

The agreement is expected to be officially unveiled at Red Bull’s 2023 season launch in New York on Friday.

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Ford set to announce F1 return with Red Bull engine deal – The Race

Red Bull and Ford are set to announce they will work together on a Formula 1 engine for 2026.

The widely rumoured collaboration will be announced on Friday, when Red Bull is set to reveal the livery for its 2023 car the RB19 at an event in New York.

Though not confirmed by either party, the news of a tie-up between Ford and the newly created Red Bull Powertrains engine division was mistakenly leaked in Italian media and is understood to be correct.

Ford has been interested in a potential F1 programme for several months, based around the 2026 engine regulations – which feature “100% sustainable fuels”, according to F1, and an increase in the electrical …….