GM's Electric Vehicle Production Capacity Target for 2025 Uncertain Following Barra's Comments

Money | July 15, 2024, 8:14 p.m.

General Motors faces uncertainty in achieving its goal of producing 1 million all-electric vehicles in North America by the end of 2025, following CEO Mary Barra's comments on Monday. The automaker had previously lowered or withdrawn various EV targets due to slower-than-expected demand. While GM initially aimed for 1 million EVs in both China and North America by 2025, the company's plans have shifted in response to market conditions. Barra stated that reaching the production milestone is unlikely due to current market trends, emphasizing the importance of customer demand. GM has emphasized flexibility in its EV plans and will provide updates during its second-quarter results on July 23. Despite challenges, General Motors remains committed to advancing its electric vehicle production capabilities in response to evolving market dynamics.