General Motors is slowing down production of electric vehicles, but still appears committed to an all-electric future.
The automaker originally planned to produce 400,000 EVs by the end of 2023, but has now pushed that goal back to mid-2024, according to The Wall Street Journal. That move, which comes after GM reported a sharp increase in gasoline truck sales in the third quarter of 2023, was attributed to battery supply problems.
2023 Chevrolet Bolt EUV Redline Edition
GM points to slow start at Ultium Cells LLC battery factory in Ohio, one of several companies in a joint venture between automaker and battery supplier LG.
But GM still seems to be preparing for a wave of EVs. It is highlighting its “EVs for everyone” advertising campaign featuring the Chevrolet Bolt EV and EUV, as well as the upcoming Silverado EV, Blazer EV and Equinox EV.
2024 Chevrolet Equinox EV
GM also became one of the first companies to comment on its tentative standard for the improved federal EV tax credit, which requires domestic assembly and some level of material content. batteries in the country to qualify for the full amount of $7,500.
GM CEO Mary Barra, answering a question last week quarterly calling for investors, notes that GM thinks some of its models will qualify for $3,750 early next year and will be eligible for the full $7,500 two or three years after that. It also sees an opportunity for its suppliers to take advantage of a tax credit of up to $45 per kilowatt-hour for U.S.-made cells and up to 10% of battery-sourced electrode material. from the United States, which can help increase affordability.
Barra also said GM has been working on battery material contracts and with suppliers to achieve its sales target. 1 million EV in North America annually by 2025. GM said in July that it has Guaranteed all battery materials to that end, and earlier this month the carmaker bought a stake in an Australian mining company sourcing nickel and cobalt for batteries.
with additional reporting by Bengt Halvorson
