General Motors has been forced to slash its EV production forecast for this year and expects to end 2024 having built between 200,000 and 250,000 electric vehicles. This comes despite the car manufacturer previously estimating it would produce upwards of 300,000 EVs this year.
While speaking at the Deutsche Bank Global Auto Conference earlier this week, GM chief financial officer Paul Jacobson said the market penetration of EVs in 2024 has been lower than expected. He believes EVs will account for roughly 8% of new car sales in the U.S. this year and said GM’s production strategy should allow it to avoid having unnecessarily large inventories of vehicles it cannot sell.
Read Article