GM sales unaffected by gas price surge, CFO says

Investing.com -- General Motors has not experienced a notable change in sales despite rising gasoline prices linked to the war in Iran, according to the company's chief financial officer.

CFO Paul Jacobson stated on Wednesday that weather conditions and reduced inventory levels had a greater impact on first-quarter sales than fuel costs. The inventory shortage was particularly pronounced for trucks as the automaker prepares to introduce new full-size models.

"Usually it takes four to six months of sustained high oil prices before people start to think, 'Maybe I should go for less mileage, or maybe I should buy down,' I don't think we see that," Jacobson said at a Bank of America Conference.

The average price of a gallon of gasoline in the United States has increased 27% since late February, reaching $3.72, the U.S. Energy Information Administration reported on Tuesday.

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