GM Wants Its EVs To Be Profitable By 2025
GM CEO Mary Barra really, really wants GM to be a leader in the EV space.
It hasn’t happened yet, but on November 17, during GM’s investor day, GM investors are expecting Mary Barra to speak of plans to bring GM’s EV manufacturing efforts to profitability. Currently, GM is moving about 44,000 EVs, at a loss. Soon, GM should be profitable in the EV segment by 2025.
Leaked to Bloomberg news, people familiar with Barra’s plans insist that she’ll announce GM’s plan to become a profitable EV maker by 2025, which is also the year GM wants to sell 1 million EVs. The plans will cover how GM expects to cover the costs for battery plant manufacturing assembly locations, and how to build in the margins for the GM Ultium platform. The key seems to be volume, here. Very soon, GM will scale up its operations, and churn out as many EVs as it can reliably make.
GM already has several options nearly ready for the EV market, all riding on the Ultium platform. The Cadillac Lyriq EV luxury crossover just was released, and Chevy has two mainstream EVs (Blazer and Equinox) nearly ready. The source familiar with the future presentation did say that GM expects that its EV lineup won’t generate the profit margins as its ICE vehicles, but with growth and optimization, eventually, the conglomerate wants to double its total profits to $280 billion by 2030.
The official details of Barra’s plan will go public on GM’s investor day, on November 17.
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Kevin has been obsessed with cars ever since he could talk. He even learned to read partially by learning and reading the makes and models on the back of cars, only fueling his obsession. Today, he is an automotive journalist and member of the Automotive Press Association. He is well-versed in electrification, hybrid cars, and vehicle maintenance.
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