General Motors (GM) expects its rapidly growing portfolio of electric vehicles will be solidly profitable in 2025 in North America as the company scales EV capacity in the region to more than 1 million units annually, ramps up its software revenue opportunities, generates significant greenhouse gas benefits and realizes the positive impacts of new clean energy tax credits, the company told investors today at a meeting in New York City.
In the next three years, GM plans to move very aggressively toward EV leadership as EV adoption is expected to approach 20% of U.S. industry sales in 2025:
• GM will have multiple entries in pickup, SUV and luxury segments that represent about 70% 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 $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 $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
• GM’s battery cell joint venture Ultium Cells will be operating plants in Ohio, Tennessee and Michigan by the end of 2024, making the company a leader in domestic cell production; a fourth U.S. cell plant is planned
• GM’s EV growth is supported by a highly profitable portfolio of internal combustion engine vehicles in North America
(Source: GM)