Former Ford CEO Says GM's Hybrids Will Not Hit Market For 'Another Couple Years:' 'Getting Mass Adoption Is Much Harder'
Portfolio Pulse from Benzinga Neuro
Former Ford CEO Mark Fields expressed doubts about GM's ability to achieve mass adoption of its EVs, citing delays in hybrid market entry and EV production targets. GM announced a delay in its EV production target of one million units beyond 2025, attributing it to slower market development. Despite this, GM remains committed to an all-electric future, supported by a $1.1 billion grant from the Biden administration.
July 16, 2024 | 10:38 am
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GM announced a delay in its EV production target of one million units beyond 2025, citing slower market development. Former Ford CEO Mark Fields expressed doubts about GM's ability to achieve mass adoption of its EVs and highlighted delays in hybrid market entry.
The delay in EV production targets and doubts expressed by a former industry leader could negatively impact investor sentiment and short-term stock price. However, GM's commitment to an all-electric future and support from the Biden administration may mitigate some concerns.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Stellantis N.V. (STLA) received nearly $1.1 billion from the Biden administration to transform its facilities into EV manufacturing hubs, aiming to produce 1 million EVs annually.
The significant grant from the Biden administration to support EV manufacturing is a positive development for Stellantis, likely boosting investor confidence and short-term stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50