TSLA - GM To Reach EV Profitability By Year-End Despite Making Less EVs | Benzinga
With the EV adoption in the U.S. being slower than anticipated, General Motors (NYSE: GM) revised this year’s expected EV sales and production, while being launching its newest EVs, including its new entry-level Chevrolet Equinox EV. Along with the recent relaunch of Chevrolet Blazer EV after software issues got sorted out, these two EVs, both built on GM’s Ultium EV platform, are crucial for the Detroit automaker’s EV growth.
EV Demand Is Growing, But Slower Than Expected
Previously targeting production between 200,000 and 300,000, Chief Financial Officer Paul Jacobson stated the revised target for the full year is between 200,000 to 250,000 EVs. Some time ago, GM once expected to make as many as 400,000 EVs by mid 2024. However, GM is expecting its EV segment to become profitable on a production, or contribution-margin basis once it makes 200,000 EVs, therefore, it expects to reach this milestone in the fourth quarter. On June 4th, GM CEO Mary Barra clearly stated that GM remains committed to EVs, despite the mass industry slowdown, ...