But that doesn’t mean all carmakers are now selling their EVs for a profit or even at cost. GM certainly isn’t because CEO Mary Barra is about to announce a plan to get to EV profitability by 2025. According to Automotive News, the plan will be announced on November 17 during GM’s investor day. Mary Barra will also reiterate the pledge to build one million battery-powered cars in 2025. This is a bold statement, considering that GM sold around 44,000 electric vehicles this year in the U.S. while losing money on its EV business.
GM counts on the success of the Chevrolet Silverado EV planned to launch next year as a truly mass-market electric vehicle. The even-more-affordable Chevrolet Blazer and Equinox EVs would also contribute to lowering the production costs of GM’s Ultium tech to the point of profitability. Tesla is still trying to catch up with Tesla, which earned $5.5 billion in net income last year while selling EVs only.
Mary Barra will also detail how GM will leverage its Ultify software platform to create new services and increase revenue. Investors will also learn more about GM’s Super Cruise driver-assist program and Ultra Cruise, which allows drivers to take their hands off the steering wheel over more miles and in more driving conditions.