GM expects EV profits to be comparable to gas vehicles by 2025, years ahead of schedule
-General Motors expects its new electric vehicles to be in-line with traditional cars and trucks with internal combustion engines by mid-decade.
-GM CEO Mary Barra on Thursday said the significant increase in profits factors in federal incentives under the Biden administration’s Inflation Reduction Act
-That timeframe is years ahead of schedule and what many expected was possible.
-GM CEO Mary Barra on Thursday said the significant increase in profits factors in federal incentives under the Biden administration’s Inflation Reduction Act
-That timeframe is years ahead of schedule and what many expected was possible.
GM is bullish on its profits and plans regarding EVs largely thanks to its investments in recent years on a new vehicle platform called Ultium as well as ongoing construction of domestic plants through a joint venture called Ultium Cells LLC with LG Energy Solution.
Wells Fargo Colin M. Langan is “skeptical” that GM’s electric vehicles can be sustainably profitable by 2025, even with incentives in the Biden administration’s Inflation Reduction Act. He said pricing and raw material assumptions will be key.
GM previously said it secured binding commitments for all the battery raw material it needs to deliver its 2025 electric vehicle capacity target of 1 million vehicles. The company also has plans for capacity of 1 million EVs in China by then as well.
Wells Fargo Colin M. Langan is “skeptical” that GM’s electric vehicles can be sustainably profitable by 2025, even with incentives in the Biden administration’s Inflation Reduction Act. He said pricing and raw material assumptions will be key.
GM previously said it secured binding commitments for all the battery raw material it needs to deliver its 2025 electric vehicle capacity target of 1 million vehicles. The company also has plans for capacity of 1 million EVs in China by then as well.
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