GM Lowers 2024 EV Sales Forecast Amid Sluggish US Demand

General Motors (GM) has lowered its 2024 electric vehicle (EV) sales forecast, with the Detroit-based automaker citing slower than anticipated adoption of EVs in the US market as the reason for the change in outlook.

As recently as January GM CEO Mary Barra said she expects the company to sell between 200,000 and 300,000 EVs in 2024. Now six months later and that number has been adjusted lower. Speaking at a Deutsche Bank investor event on Tuesday, GM Chief Financial Officer (CFO), Paul Jacobson, revealed that the company now expects to sell between 200,000 and 250,000 EVs this year, noting the EV market is growing more slowly than initially forecasted.

Jacobson added that the revised forecast “reflects the momentum that we have in the business.” (via CNBC)

During his talk, Jacobson also mentioned that GM expects EVs to make up around 8% of US industry-wide sales this year. In May, GM sold over 9,500 EVs in North America, although EV sales accounted for only 2.8% of the company’s total sales in the first quarter.

Despite the lower numbers, GM remains optimistic about its EV lineup, which includes the newly released 2024 Chevrolet Equinox EV.

In an attempt to boost sales, GM has introduced several incentives and rebates. For June 2024, the company announced rebates of up to $7,500 on select models like the Cadillac Lyriq, alongside attractive financing options across its EV range.

Looking ahead, GM is focusing on launching new models to boost its EV portfolio. The Chevrolet Blazer EV recently relaunched after resolving software issues, and the Chevrolet Equinox EV also recently launched with attractive pricing.

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