The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025.
"They have dozens of EV models over the next two to three years.
watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors.
But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate.
"This will be the first year U.S. EV sales reach 1 million," Downey said.
Persons:
Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford
Organizations:
Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW –
Locations:
Detroit, Detroit , Michigan, U.S