It is burning a lot of cash to get to its goal of being the biggest seller of electric cars in North America. The company expects its EV program to be profitable by then and will no longer burn cash.
The plan to achieve this goal was outlined by the company at an event in New York on Thursday. The $300,000 Cadillac Celestiq, which was first unveiled last month, was one of the electric models on display.
It will be difficult to sell 1 million EV annually.
It will be difficult for the nation's largest auto company to sell 1 million EV a year. At least five battery factories in North America, securing the raw materials for battery assembly, and creating new digital retail opportunities are some of the things executives think they have a solid plan for.
Mark Reuss, president of GM, said in an interview that they can see people wanting electric vehicles even more than experts think. I believe it will be more than 17 percent. I believe it will be higher. People would like to see electric vehicles in all segments. We are going to take our time and make it right.
GM said in its most recent earnings report that it is on track to sell 44,000 Chevy Bolt EV and EUVs in the US by the end of the year. The Bolt is the company's lowest priced plug-in model and the only one that is currently profitable. The other battery-electric models from GM are slowly ramping up production. Next year, there will be two Chevrolet vehicles in the lineup.
The company has a deadline to achieve carbon neutrality by the year 2040. This isn't a measure of goodwill. A number of US states have decided to ban the sale of internal combustion engine vehicles by the year 2035.
Reuss confirmed the plan. No Chevy, GMC, or Cadillac dealership will sell gas-powered vehicles by the year 2040. What about other nations? He said that the markets that are on different transitions are global. It would be gated with that.
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