GM CEO Mary Barra Reiterates Goal Of Selling Only Electric Light-Duty Vehicles By 2035 Despite EV Demand Slowdown, Says Never Expected It To Be 'Linear'
Portfolio Pulse from Anan Ashraf
GM CEO Mary Barra reaffirms the company's goal to sell only electric light-duty vehicles by 2035, despite a slowdown in EV demand. GM sold 21,930 EVs in Q2, lagging behind Tesla's 164,264 units. GM plans to expand its EV lineup, including the Cadillac Escalade IQ and next-gen Chevrolet Bolt EV.
September 23, 2024 | 12:51 pm
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GM CEO Mary Barra reiterated the goal of selling only electric light-duty vehicles by 2035, despite a slowdown in EV demand. GM sold 21,930 EVs in Q2, trailing Tesla's 164,264. GM plans to expand its EV lineup with models like the Cadillac Escalade IQ.
GM's commitment to an all-electric future by 2035 is significant, but the current slowdown in EV demand and lower sales compared to Tesla may neutralize short-term stock impact. The expansion of the EV lineup could be a positive long-term strategy.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tesla sold 164,264 EVs in Q2, significantly outperforming GM's 21,930 units. Tesla's Model Y alone accounted for 101,301 sales, highlighting its strong market position despite GM's larger EV lineup.
Tesla's strong sales performance in Q2, especially with the Model Y, underscores its market leadership in EVs. This could positively impact Tesla's stock as it continues to dominate the EV market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50