Analysts at Deutsche Bank provided their views on General Motors Company (NYSE:GM) following their meeting with the company’s CEO Mary Barra and CFO Paul Jacobson.

The brokerage provided the following key takeaways from the meeting:

(1) The company showed high confidence in its global volume growth guidance of 25-30% year-over-year in 2022, which is supported by firm supply commitments from its semiconductor manufacturers across the chain.

(2) The company sees a credible path towards 4-million-unit annual production in NA over the next couple of years, with 2023 ICE production likely to increase from H2/22 guidance run rate of 3.2 million units amid strong demand, and new EV capacity and demand largely incremental.

(3) The company expects to be able to maintain its margins through its EV ramp up over the next few years, due to continued strong demand for trucks and lower cost of batteries.