Initially, the company aimed to produce between 200,000 and 300,000 EVs next year but has revised this figure to between 200,000 and 250,000 units. This adjustment was confirmed by GM CFO Paul Jacobson during his recent statement on CNBC.
General Motors reported a decrease in their EV sales in the United States. In 2023 they have sold 75,883 vehicles, which represents a 20.5% drop compared to the previous year. In Q1, sales amounted to only 16,425 EVs. Despite these figures, GM projects their total EV sales for 2024 will double from last year to hit 150,000 vehicles. Notably, the Chevy Bolt — GM’s most popular model last year — is no longer available.
In May alone, General Motors sold over 9,500 electric vehicles across North America. This recent increase suggests potential future quarterly sales could reach or exceed between 30,000 and 50,000 units. Such numbers far surpass any previous quarters where GM never exceeded sales of more than 21,000 EVs.
General Motors also set new profitability targets based on their revised production goals. They anticipate reaching profitability by the fourth quarter of 2024 if they manage to produce at least 200,000 units on a production or contribution-margin basis.
Central to GM’s strategy is the Chevrolet Equinox EV. This model is touted as being affordable with a notable range of up to 319 miles EPA estimated. It is listed starting at $35,000 before tax incentives — although current trims selling are somewhat pricier yet competitively priced within the market.
Source: CNBC
