At their upcoming Investor Day, General Motors will reportedly tell investors that the company doesn’t expects its EV program to become profitable until 2025.
At the event, CEO Mary Barra and a host of GM Executives will present the company’s plan to increase margins over the next few years.
As per reporting by Automotive News, the presentation will note GM is now in a position to start producing EVs at volume.
This means that GM can cut costs and grow sales rapidly in the EV space.
The presentation will also note that the push to 1 million EV sales per year will start in 2023.
Chevrolet is leading the charge with the launch of three new EVs, the Silverado, Blazer and Equinox.
On last month’s quarterly earnings call, Barra confirmed part of the plan to increase margins includes expanding Ultium and utilizing the Ultifi program to create other services.
So, it appears GM’s plan for success is threefold in order for their EVs to become profitable:
- Increase EV sales and produce at scale
- Lower battery costs with the next-generation Ultium battery
- Sell Ultifi services to third-parties
Now we wait to see what comes out of what could be the biggest presentation GM has made in some years.
GM Investor Day is set for November 17 from 1-4:30 ET but is not open to the public.
