“If you look at the inflation-adjusted numbers, our capital expenditures are pretty much in line with where they were at the end of the last decade before COVID. The absolute numbers are higher, but the inflation-adjusted numbers are actually pretty similar while our cash generation is up exponentially. I think we have strong affordability of what we can do with the investments. I think we’ve demonstrated some resiliency. As you look at capital expenditures going forward, what we’ve said is the last couple of years have been about expanding the portfolio of EVs.

“For the next few years, it’s going to be about lowering the cost and making structural improvements to the battery cells and to the architecture going forward, as well as some now incremental investment into internal combustion engine vehicles because those are going to be around longer and probably more in demand than they otherwise would have under the prior regulatory environment. Balancing those capital needs within the constraints of how much cash we’re generating, I think it’s hard to poke at our free cash flow generation and what we’ve done with that discipline. I think we’re very, very good where we’re at the $10 billion – $12 billion range for the next couple of years,” said CFO Paul Jacobson on the GM earnings call this morning.