GM Expects North American EV Portfolio To Be Profitable in 2025
General Motors said that its rapidly growing portfolio of electric vehicles will be solidly profitable in 2025 in North America as the company aims to scale EV capacity to more than 1 million units annually.
“GM’s ability to grow EV sales is the payoff for many years of investment in R&D, design, engineering, manufacturing, our supply chain and a new EV customer experience that is designed to be the best in the industry,” said GM chair and CEO Mary Barra. “Our multi-brand, multi-segment, multi price point EV strategy gives us incredible leverage to grow revenue and market share, and we believe our Ultium Platform and vertical integration will allow us to continuously improve battery performance and costs.”
In the next three years, GM plans to move very aggressively toward EV leadership as EV adoption is expected to approach 20 per cent of U.S. industry sales in 2025. GM will have multiple entries in pickup, SUV and luxury segments that represent about 70 per cent of EV industry volume, including the Chevrolet Silverado EV, Blazer EV and Equinox EV, the Cadillac LYRIQ and the GMC Sierra EV. GM is launching a new digital retail platform with its U.S. dealer partners to enhance the shopping and purchase experience for EV customers and reduce costs to GM by an estimated US$2,000 per vehicle. Five GM assembly plants in the U.S., Canada and Mexico will be building EVs. BrightDrop – GM’s tech startup creating EVs, eCarts and software ] – is on track to reach US$1 billion in revenue in 2023, as GM’s CAMI plant in Ontario launches full production of the BrightDrop Zevo 600 delivery van next year, and scaling to a projected 50,000 units annually by 2025.
