DETROIT \u2014\u00a0General Motors\u00a0said Tuesday it is again slowing its plans for all-electric vehicles by further delaying a second U.S. electric truck plant and the\u00a0Buick brand\u2019s first EV.<\/p>\n
The\u00a0six-month delay in retooling the electric truck plant\u00a0in Michigan, until mid-2026, also means GM will not achieve a prior target of having North American production capacity of 1 million EVs by 2025.<\/p>\n
\u2018We are committed to growing responsibly and profitably,\u201d GM CEO\u00a0Mary Barra\u00a0told investors Tuesday during the\u00a0company\u2019s second-quarter earnings\u00a0call.<\/p>\n
Barra\u2019s comments come a week after she raised concerns about\u00a0GM hitting its North American EV production capacity target.<\/p>\n
Barra did not provide updated timing on Buick\u2019s first EV, which was expected in 2024. The entire Buick brand has targeted being\u00a0fully electric by 2030, as part of GM\u2019s plans to exclusively offer consumer EVs by 2035.<\/p>\n
The changes add new questions about the Detroit automaker\u2019s plans for future battery cell plants other than two current joint venture facilities with LG Energy Solution in North America. GM previously announced plans for\u00a0four of the multibillion-dollar plants\u00a0in the U.S. by 2026.<\/p>\n
Barra on Tuesday said the company would grow cell production in a \u201cmeaningful cadence.\u201d<\/p>\n
GM CFO Paul Jacobson declined to discuss potential plans to delay or cancel the automaker\u2019s future EV battery cell plants, aside from the two facilities making cells in Ohio and Tennessee.<\/p>\n
\u201cWe\u2019re going to continue to be guided by the customer. We\u2019re rapidly scaling in cell plants one and two,\u201d Jacobson said during a media briefing. \u201cWe have nothing to comment on right now.\u201d<\/p>\n
GM\u2019s U.S. EV deliveries increased 40%\u00a0during the second quarter\u00a0compared with a year earlier to 21,930 units. Still, EVs made up only 3.2% of its total second-quarter U.S. sales.<\/p>\n
Jacobson said the company is set to ramp up assembly to achieve production and vehicle wholesales of between 200,000 and 250,000 all-electric vehicles in North America this year. He said the company wholesaled about 75,000 of its new EVs during the first half of the year.<\/p>\n
Jacobson reiterated GM expects its EVs to be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.<\/p>\n
\u201cWe\u2019re still holding to that,\u201d Jacobson said, adding additional EV sales are expected to lower the company\u2019s earnings, as they\u00a0will be less than variable profits of\u00a0<\/strong>GM\u2019s traditional gas models.<\/p>\n<\/p>\n DETROIT \u2014\u00a0General Motors\u00a0said Tuesday it is again slowing its plans for all-electric vehicles by further delaying a second U.S. electric truck plant and the\u00a0Buick brand\u2019s first EV. The\u00a0six-month delay in retooling the electric truck plant\u00a0in Michigan, until mid-2026, also means GM will not achieve a prior target of having North American production capacity of 1 […]<\/p>\n","protected":false},"author":0,"featured_media":6622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=6621"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/6622"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=6621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=6621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=6621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}