GM slows its electric vehicle plans again despite sales growth | Real Time Headlines

Detroit – General Motors The company said on Tuesday it would again slow down its plans for all-electric vehicles, further delaying a second U.S. electric truck factory and… Buick brand’s first electric car.

this Retooling of electric truck plant delayed by six months Michigan’s electric vehicle production plan will not be realized until mid-2026, which also means that General Motors will not be able to achieve its previously set goal of producing 1 million electric vehicles in North America by 2025.

We are committed to responsible and profitable growth. Mary Barra told investors during tuesday Company profits in second quarter call.

Barra’s comments come a week after she raised concerns about General Motors meets North American electric vehicle production capacity target.

Barra did not provide an updated timetable for Buick’s first electric vehicle, which is expected to launch in 2024. Fully electric by 2030part of GM’s plan to exclusively offer consumer electric vehicles by 2035.

The changes add new questions about the Detroit automaker’s plans for future battery factories, in addition to its two current joint venture plants in North America with LG Energy Solution. GM previously announced plans Four of these multi-billion dollar factories in the United States by 2026.

Barra said on Tuesday that the company would increase battery production at a “meaningful pace.”

General Motors Chief Financial Officer Paul Jacobson declined to discuss potential plans to delay or cancel the automaker’s future electric vehicle battery plants, except for two battery plants in Ohio and Tennessee.

“We will continue to be guided by our customers. We are rapidly scaling up our battery factories one and two,” Jacobson said at a media briefing. “We have nothing to comment at this time.”

General Motors’ U.S. electric vehicle deliveries grow 40% during the second quarter This compares to 21,930 units in the same period last year. Still, electric vehicles accounted for only 3.2% of its total U.S. sales in the second quarter.

Jacobson said the company will strengthen assembly efforts this year to achieve the production and wholesale of 200,000 to 250,000 all-electric vehicles in North America. He said the company wholesaled about 75,000 new electric vehicles in the first half of this year.

Jacobson reiterated that GM expects its electric vehicles to be profitable on a volume or contribution-margin basis once production reaches 200,000 units in the fourth quarter.

“We still stand by that,” Jacobson said, adding that additional EV sales are expected to lower the company’s earnings because they will be below the company’s variable profit. General Motors’ conventional gas models