GM CEO Retreats from 1 Million EV Goal, Citing Market Slowdown and Production Hurdles

The CEO of General Motors, Mary Barra, has retracted the company's goal to be able to produce one million electric vehicles by 2025, citing a decrease in consumer interest.

During a July 15 event, Barra informed CNBC (as reported by Bloomberg) that General Motors is not on track to meet its anticipated production capacity for electric vehicles by the following year. She mentioned that the pace at which GM achieves the milestone of one million EV sales per year will be guided by consumer demand. Barra also noted a current dip in the delivery of electric vehicles.

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"Barra expressed confidence that although the market's slow growth is preventing us from reaching a million right now, we will eventually hit that target."

Electric vehicle deliveries in the United States remained consistent in Q2 as opposed to the same timeframe last year, displaying a steady trend from 2023, yet showcasing an 11% increase from Q1, as per data from Cox Automotive. However, General Motors has faced greater challenges in escalating its electric vehicle production in comparison to its competitors.

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General Motors revealed a target to produce one million electric vehicles by 2022, yet faced challenges in boosting the manufacturing of EVs in the subsequent year, primarily because of difficulties with the expansion of its Ultium battery cells production. The car manufacturer disclosed that it delivered 21,390 electric vehicles in the second quarter of 2024, marking a 34% increase from the first quarter and a 40% rise compared to the same timeframe the previous year, suggesting a significant improvement in its production hurdles.

General Motors is lagging behind its target of distributing 400,000 electric vehicles by the first six months of 2024, a deadline that was already delayed from 2023. Moreover, the Chevrolet Bolt EV, which has ceased production, surpassed sales of other Chevy electric models in the first half of the current year. This indicates that General Motors is facing significant challenges in scaling up its Ultium battery project. The ongoing deferral of their electric vehicle goals could be attributed as much to these production issues as to any decrease in consumer demand.

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