General Motors is now spending a lot of money in order to become the largest seller of electric automobiles in North America. However, the corporation anticipates that by 2025, its EV programme will be “solidly profitable,” and the burning of cash would end for good.
The business, which is the biggest automaker in North America, provided investors with an overview of the strategy to accomplish this aim on Thursday during a flashy event in Manhattan. In order to support its claim that it will begin selling 1 million EVs yearly in 2025, General Motors displayed a number of electric vehicles, including the gorgeous $300,000 fastback Cadillac Celestiq that was initially introduced last month.
Even for the largest automaker in the country, selling 1 million EVs annually won’t be simple; it took Tesla more than ten years to reach that milestone. The construction of at least five battery plants in North America, the acquisition of raw materials for battery assembly, and the development of new digital retail options to increase customer demand are all part of the executives’ belief that they have a sound plan in place.
By the end of the year, General Motors says it is on target to sell 44,000 Chevy Bolt EVs and EUVs in the US at a loss. The Bolt is the only plug-in vehicle now being sold by the corporation in large quantities and at a loss.
The GMC Hummer EV and Cadillac Lyriq, two other battery-electric GM cars, are still gradually scaling up production. The Chevy Silverado EV and Chevy Blazer EV will also be added to the roster the following year. General Motors has to increase its EV sales since it has a target date of 2040 to become carbon neutral. Furthermore, this is not an act of kindness. By 2035 or later, a number of US states, led by California, plan to outlaw the sale of cars with internal combustion engines.
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