General Motors is one of the earliest car companies to promise a comprehensive electrification of their product lineup. It plans to phase out new fuel cars in the light vehicle sector by 2035 and is currently accelerating the launch of battery electric vehicles in the market.
General Motors has set a goal of producing 1 million electric vehicles annually in North America by 2025, but Bolt, which accounts for over 90% of electric vehicle sales in the United States, has stalled production due to recall issues, and other models have also been delayed in production due to battery supply shortages and other issues. General Motors' North American electric vehicle production in the first half of 2023 was only 50000 units, indicating that the market deployment of electric vehicles has not progressed smoothly. In the second half of 2023, General Motors plans to launch sales plans for battery electric models in the largest compact/mid size SUV segment and full size pickup truck market in the United States, and to accelerate the production of electric vehicles to achieve its goals.
On the other hand, General Motors stated that battery supply is the main issue in increasing production of electric vehicles, and announced that it will build four battery factories in the United States. At the same time, General Motors has also announced a series of measures to ensure future procurement of battery materials in the United States or friendly countries, thereby promoting a stable supply chain layout.
In terms of deploying electric vehicle charging networks, General Motors is committed to improving convenience and creating an environment conducive to expanding electric vehicle sales through cooperation and joint investment with other car companies.
In 2022, General Motors' sales in the United States increased by 3%, regaining its top position in the market share. In the first half of 2023, sales also increased by 18% year-on-year. Recent financial report data (in the first half of 2023) showed that revenue increased by 18% year-on-year, net profit increased by 7% year-on-year, and all data were good. In the future, General Motors will fully launch its main battery electric models to the market in 2024. It will be interesting to see whether General Motors can transform its products into an electric lineup while maintaining profitability as planned.
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Post time: Sep-16-2023