• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

GM slows its EV plans again even as sales grow

by July 24, 2024
written by July 24, 2024

DETROIT — General Motors said Tuesday it is again slowing its plans for all-electric vehicles by further delaying a second U.S. electric truck plant and the Buick brand’s first EV.

The six-month delay in retooling the electric truck plant in Michigan, until mid-2026, also means GM will not achieve a prior target of having North American production capacity of 1 million EVs by 2025.

‘We are committed to growing responsibly and profitably,” GM CEO Mary Barra told investors Tuesday during the company’s second-quarter earnings call.

Barra’s comments come a week after she raised concerns about GM hitting its North American EV production capacity target.

Barra did not provide updated timing on Buick’s first EV, which was expected in 2024. The entire Buick brand has targeted being fully electric by 2030, as part of GM’s plans to exclusively offer consumer EVs by 2035.

The changes add new questions about the Detroit automaker’s plans for future battery cell plants other than two current joint venture facilities with LG Energy Solution in North America. GM previously announced plans for four of the multibillion-dollar plants in the U.S. by 2026.

Barra on Tuesday said the company would grow cell production in a “meaningful cadence.”

GM CFO Paul Jacobson declined to discuss potential plans to delay or cancel the automaker’s future EV battery cell plants, aside from the two facilities making cells in Ohio and Tennessee.

“We’re going to continue to be guided by the customer. We’re rapidly scaling in cell plants one and two,” Jacobson said during a media briefing. “We have nothing to comment on right now.”

GM’s U.S. EV deliveries increased 40% during the second quarter compared with a year earlier to 21,930 units. Still, EVs made up only 3.2% of its total second-quarter U.S. sales.

Jacobson said the company is set to ramp up assembly to achieve production and vehicle wholesales of between 200,000 and 250,000 all-electric vehicles in North America this year. He said the company wholesaled about 75,000 of its new EVs during the first half of the year.

Jacobson reiterated GM expects its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.

“We’re still holding to that,” Jacobson said, adding additional EV sales are expected to lower the company’s earnings, as they will be less than variable profits of GM’s traditional gas models.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
FTSE All-Share Insights: Top Performing and Declining Stocks
next post
A Silicon Valley exec had $400K stolen by cybercriminals while buying a home. Here’s her warning.

related articles

JPMorgan marks 1,000th branch opening since 2018 expansion...

August 1, 2025

Apple crushes Wall Street expectations as iPhone sales...

August 1, 2025

Ontario cancels internet deal with Musk’s Starlink as...

July 31, 2025

Trump ends de minimis exemption for global low-cost...

July 31, 2025

Recall warns some Celsius energy drink cans accidentally...

July 31, 2025

Union Pacific to buy Norfolk in $85 billion...

July 29, 2025

Things are getting better at Boeing under CEO...

July 29, 2025

Elon Musk confirms Tesla has signed a $16.5...

July 28, 2025

Palantir joins list of 20 most valuable U.S....

July 26, 2025

FCC greenlights Paramount’s $8 billion merger with entertainment...

July 25, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Obama makes TikTok appearances to push for voter registration: report

    September 17, 2024
  • Republican Erik Olsen to face off against Democrat in deep blue Wisconsin district

    August 14, 2024
  • Trump, Prince William sit down for meeting in Paris after Notre Dame ceremony

    December 8, 2024
  • Freshman Focus: Republican Brad Knott, ex-prosecutor who flipped House seat in North Carolina, talks game plan

    December 15, 2024
  • Global investors shift focus from India to China as stock outflows hit $29 billion

    March 19, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,606)
  • Investing (634)
  • Stock (867)

Latest Posts

  • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

    June 6, 2025
  • Here’s why business leaders are spending big on Trump’s inaugural committee

    December 25, 2024
  • US-Ukraine rift breaks out at United Nations on 3rd anniversary of the war

    February 24, 2025

Recent Posts

  • Trump’s AG pick has ‘history of consensus building’

    November 27, 2024
  • Nationwide coordinated retail crime crackdown results in hundreds of arrests, authorities say

    June 4, 2025
  • Revolut announces $45 billion share sale to staff

    August 2, 2024

Editor’s Pick

  • Iran and Russia close in on deal as Tehran threatens revenge against Israel

    October 31, 2024
  • I know why the UN Security Council is irrelevant to Gaza. I was there when the US stood up for Israel

    June 16, 2025
  • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

    July 10, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock