GM trims 2024 EV forecast amid slower-than-expected demand
What is the revised production target for General Motors' all-electric vehicles for this year?
General Motors has revised its production target for all-electric vehicles this year to 200,000 to 250,000 units, down from the previously announced range of 200,000 to 300,000 units. This adjustment comes as the adoption of EVs in the U.S. is occurring slower than expected. Despite the lower production target, the company still expects its EVs to be variable profit-positive at 200,000 units, with this milestone anticipated during the second half of the year, in the fourth quarter6.
What specific reasons did GM's Chief Financial Officer, Paul Jacobson, cite for the slower than expected adoption of EVs in the U.S.?
In the given text, there isn't a specific reason cited by GM's Chief Financial Officer, Paul Jacobson, for the slower than expected adoption of EVs in the U.S. He acknowledges the slower adoption and adjusts the company's production targets accordingly, but does not provide a specific reason for the slower adoption.
How does the newly adjusted production target compare with the initial range announced by GM for 2024?
General Motors has adjusted its all-electric vehicle production target for 2024 to 200,000 to 250,000 vehicles, down from the previously announced range of 200,000 to 300,000. The change comes as the company acknowledges that U.S. adoption of EVs is occurring slower than expected. Despite the lowered expectations, GM still anticipates its EVs to be variable profit-positive at 200,000 units, with profitability improvements expected during the second half of the year, particularly in the fourth quarter.