General Motors' CEO Mary Barra and other executives believe that 2025 will be yet another year of growth for electric vehicles, but they wish to be cautious about those developments.
General Motors' financial records for 2024 mark a significant achievement for its increasing electric vehicle lineup: it finally became profitable from selling them.
The estimated cost saving doesn't take into account other expenses, such as establishing assembly lines, nonetheless, it marks a significant advancement toward achieving the automotive industry's objective of mass-producing EVs profitably.
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General Motors has become the first automaker to reach the 100,000 milestone after Tesla, and now accounts for approximately 13% of the US market for electric vehicles.
SUVs to its lineup this year. And we're targeting further improvements in EV profitability as we continue to scale, Barra said.
GM "is struggling as homegrown competitors gain ground," and the automaker is worried about losing the electric vehicle tax credits and other subsidies and incentives as President Trump's agenda unfolds, plus potential tariffs on Mexican and Canadian imports, which could increase car prices.
Certainly, there are unsettled matters regarding trade, taxes, and environmental regulations, and we've taken proactive steps with Members of Congress and the administration," Barra said. "During our discussions, we've emphasized the significance of a thriving manufacturing industry and the USA's leading role in sophisticated technologies. It's apparent that we have considerable common ground, and we value the ongoing dialogue.
GM's CFO Paul Jacobson noted during a media call that the company produced approximately 189,000 electric vehicles in 2024 and had a 70-day supply at the end of the year. GM plans to increase production to 300,000 units in 2025, but is being cautious about demand: "We don't want to overproduce to realize cost benefits, only to later offer large incentives or discounts to clear the inventory... we aim to be disciplined about that."
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