General Motors (GM) expects that its electric vehicles (EVs) venture would start becoming profitable by 2025 and it would stop sinking money into it by then.
GM, formerly America’s biggest automobile supplier, is entering the EV industry a bit later than leaders Tesla. However, that has not stopped it from dreaming of toppling the Musk-owned company.
To make its clean energy-powered vehicles business self sufficient, the company expects to be shipping over one million units annually by 2025. However, it faces an uphill task to achieve this dream.
Besides the stiff competition in the industry, the cars are not favourably priced and could cause them to be overlooked. Also, there could be supply problems for its batteries as we saw Tesla face in 2022.
Also read:
–YouTube Now Has Its Own Tudum Startup Sound, Listen Here
–European Authorities Warn Against Downloading Qatar World Cup Apps
–World Cup 2022: Meta Working To Curb Online Harassment.
Yet, the company’s executives believe they can attain their goal with strategies that include building at lease five factories to make its batteries locally. It also expects EV demand to rise astronomically in 2025, leaving enough demand open for it to fulfill.
“We can see people wanting electric vehicles, even more than what some of the experts on the industry say by 2025. I think it’s gonna be higher than 17 percent. I think it’ll be quite a bit higher. And people want electric vehicles in all segments. So, we’re going to take our time and get it right,” GM President Mark Reuss said.
Fir now, it is still a long way from where it wants to be. The Verge said that the company was on track to selling 44,000 units of EVs by the end of 2022 but it has plans to increase production with GMC Hummer EV, Cadillac Lyriq, Chevy Silverado EV, and Chevy Blazer EV joining is products lineup.
In addition to profitability for its EV business, GM is also racing to meet the carbon neutrality deadline of 2040, although, California is set to ban fossil-fuel vehicles starting from 2035.
For your daily dose of tech, lifestyle, and trending content, make sure to follow Plat4om on Twitter @Plat4omLive, on Instagram @Plat4om, on LinkedIn at Plat4om, and on Facebook at Plat4om. You can also email us at info@plat4om.com and join our channel on Telegram at Plat4om. Finally, don’t forget to subscribe to OUR YOUTUBE CHANNEL.
