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Mary Barra, GM chair and CEO, recently spoke at the unveiling of the Cadillac Celestiq electric sedan in Los Angeles. If everything had gone according to plan for General Motors over the past three years, the Detroit automaker would have been on track to surpass Tesla in electric vehicle sales. However, due to slower-than-anticipated EV adoption industry-wide and specific challenges within GM related to production, software, and supply chains, the company has fallen behind its competitors.
Despite GM withdrawing many of its previously announced electric vehicle targets, the automaker is optimistic about its EV sales momentum gaining traction. With an expanding lineup of all-electric vehicles across a wide price range, GM believes it is outpacing the industry in terms of growth.
Data provided by GM shows a significant increase in EV sales through August, with a nearly 70% year-over-year growth. This surge in sales has brought GM within striking distance of Ford, although still trailing behind Hyundai/Kia. The legacy automakers are all vying for a distant second place behind Tesla, which continues to lead the market in EV sales.
GM currently offers eight “Ultium-based” EVs, ranging from mainstream models like the Chevy Equinox and Blazer crossovers to luxury models from Cadillac, including the bespoke $300,000 Celestiq. The automaker’s focus on EV development has led to high expectations for increased sales, despite EVs being less profitable than gas-powered models.
While selling more EVs remains a challenge for GM, the company expects profitability once it reaches a production output of 200,000 units by the fourth quarter. EVs have been a major growth area for GM under Mary Barra’s leadership, with a target to exclusively offer all-electric vehicles by 2035.
GM’s EV targets have been adjusted over time, with a continued focus on meeting customer demand for EVs. The company remains committed to producing between 200,000 and 250,000 EVs this year, with the flexibility to adjust production based on market demand.
Overall, GM is optimistic about the future of its EV lineup and remains focused on meeting the evolving needs of consumers in the electric vehicle market.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
