General Motors (GM) has committed to bring 30 new electric vehicle (EV) models to market and sell 2 million EVs by 2025, on their way to becoming an all-electric automaker by 2035.
To show the company’s commitment to an all-electric future, CEO Mary Barra says a “significant portion” of executive compensation will be tied to how GM performs in reaching their EV targets.
Barra made the comments during GMs Q1 earnings call on Tuesday, but did not provide specific details around what exactly the new EV compensation targets will be. More information will be released in a regulatory filing which will be filed on Friday.
In 2020, Barra’s compensation package was $23.7 million, including a base salary of about $2 million and stock awards of $13 million, reports CNBC.
GM has an uphill battle ahead of them to reach their EV targets. The automaker was recently forced to recall every single Chevy Bolt EV and EUV ever made due to potentially faulty batteries.
While the recall was underway, they also shut down production of the Bolt, their only EV at the time (they launched the GMC Hummer EV during the shutdown).
As a result GM sold just 26 EVs (25 Bolts and 1 Hummer EV) in Q4 2021 and 457 in Q1 2022.