what is gm highlighting at this year's show? guest: good morning and thank you for having me. i'm a big fan of c-span in this program so this is a personal thrill for me to be with you this morning. what do i think about the cars? this is super exciting. if you watch the local news channels in washington they have visited the chevrolet exhibit with the lamp of ev's including the super exciting electric corvette that was just announced earlier this week, so it is a thrill to be here. i am happy to take the questions coming in. i was listening to the most recent two callers. critical minerals is an important part of the discussion and gm as a part of all that work developing critical minimal -- critical mineral resources and bringing the process to north america so we are localizing the production and taking advantage of the technology and the american economy. host: how much does gm strategy depend on electric vehicles? guest: we announced a couple years ago and have made a commitment to going fully electric with our light-duty vehicles by 2035. the republican caller just share

what is gm highlighting at this year's show? guest: good morning and thank you for having me. big fan of c-span in this program so this is a personal thrill for me to be with you this morning. what do i think about the cars? this is super exciting. if you watch the local news channels in washington they have visited the chevrolet exhibit with the lamp of ev's including the super exciting electric corvette that was just announced earlier this week, so it is a thrill to be here. i am happy to take the questions coming in. i was listening to the most recent two callers. critical minerals is an important part of the discussion and gm as a part of all that work developing critical minimal -- critical mineral resources and bringing the process to north america so we are localizing the production and taking advantage of the technology and the american economy. host: how much does gm strategy depend on electric vehicles? guest: we announced a couple years ago and have made a commitment to going fully electric with our light-duty vehicles by 2035. the republican caller just shared righ

gm on one side, pfizer on the other. the crosscurrents are everywhere where are you? >> we would agree with what jim cramer was highlightings that growth is going to slow, that recession risk remains at the same time, the fed and other central banks need to keep financial conditions tight the fed has observed that financial conditions have actually loosened since october and hiked since then our view is that the fed is going to keep at it. they're going to raise two, maybe three more times and keep rates where they are through the year, unlike what the bond market thinks. as you start seeing earnings slow, there's more trouble ahead, more volatility ahead for equity markets. >> okay. i think the question is, is it just the high flyers that we've seen rocket up even the past couple weeks that get taken down if your assumption is right, or does it take everybody with it >> the pipeline is that the overall market should decline from here. you already see earnings expectations coming down 30 a share this year to 225. we think those continue to come lower. valuations at 18 times at these interest rate levels are a little rich.

pressure the boardroom of gm to get a more persistent free cash flow that earns a higher pe multiple by the street? paul: thanks for that question, tom. thanks for highlightingin the airline industry. what i would tell you is, we spent a lot of time on free cash flow in particular. cash from operations and the cash generation of the business is what is funding our journey. we have been clear about that. a strong ice portfolio and vehicle portfolio through the transformation is critically important to us. there is a lot of things i'm proud of the gm team for what they've done. when you look at free cash flow generation on the backs of the near record capital investment in 2022, it speaks to the focus we have. $10.5 billion last year. we think we will generate another $5 billion to $7 billion in 2023. tom: i don't want you to be apple reporting on thursday. are you at a point where you can take cash and reward shareholders to garner a higher price to earnings multiple versus the mr. sloan of piling it back into the business? paul: we have a very balanced and prescribed capital allocation process. the first thing we are doing is investing in the business. we ha