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General Motors (GM.US) CEO: Won't meet 1mn EVs target next year

AInvestMonday, Jul 15, 2024 9:20 pm ET
1min read

General Motors (GM.US) CEO Mary Barra downgraded expectations for its EV (electric vehicle) plan, saying the company will not sell 1 million electric vehicles in 2025, down from the company's previous commitment to have enough capacity to produce 1 million EVs. Barra said on Monday that the target would be determined by the company's desire to achieve 1 million EVs per year, and that the company's EV deliveries are slowing down.

The slowdown in growth could be painful for General Motors, which recently overcame battery production issues for its EVs and pushed back the opening of a battery factory in the Detroit suburbs. The automaker is ramping up production of its midsize Chevrolet Blazer SUV and smaller Equinox crossover, hoping that will boost sales.

According to market research firm Cox Automotive, EV deliveries in the U.S. were flat with the prior quarter, but still up 11% from the first quarter.

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