GM will start making money on EVs this year, says CEO

[IsailedawayfromFR]

GM's CEO is placing a final nail in the coffin of a once great auto company.  My bet she won't last through next annual shareholders meeting.

GM will start making money on EVs this year, says CEO
/ It’s hard to make money on EVs, but GM CEO Mary Barra insists the company is still phasing out internal combustion engine vehicles in the US by 2035.
By Umar Shakir, a news writer fond of the electric vehicle lifestyle and things that plug in via USB-C. He spent over 15 years in IT support before joining The Verge.
Oct 18, 2024

GM is about to start making money on its electric vehicles by the end of this year, right on schedule, CEO Mary Barra told The New York Times. Barra also told the publication that GM will still phase out the sales of internal combustion engine vehicles by 2035, a goal it set in 2021 alongside a promise to be carbon neutral by 2040. GM faced manufacturing and supply chain issues affecting its battery production in late 2023 that delayed the launch of a bunch of its EV models, but Barra says they are fixed.

Right now Tesla sells the most EVs in the US — and has been making a profit on them alone since 2021. The second largest producer of EVs in the country is Ford, but it has been posting more than a billion dollars in losses for the first two quarters of this year on its Model e electric vehicle division. Other pure EV players like Rivian and Lucid aren’t making money on their vehicles and on are hanging on thanks to outside investors.

EV demand is still on the rise, but its rate of growth is fluctuating in the US, causing manufacturers to modify their EV rollout strategies and incorporate more hybrids into the mix. A big thing holding EVs back are their high costs, but customers can get tax incentives from the federal government up to $7,500 to help with the purchase. However, the credits are only for EVs built domestically with stringent rules on vehicle pricing and battery materials sourcing — rules designed to stay competitive with China, which is building more EVs for cheaper.
https://www.theverge.com/2024/10/18/24273630/gm-ev-profitability-viability-2024-barra

[Smokin Joe]

Stop subsidizing these things.

Let the market decide.

If GM doesn't want to listen to the market, they will not be a factor long.

Might be a good stock to divest yourself of.

[GtHawk]