General Motors on Track Towards Electromobility Profits

General Motors invited leading Wall Street analysts to visit its production site in Spring Hill, Tennessee, to generate optimism about the company's business prospects for 2025. The automotive giant emphasized that the ongoing strength in gasoline and diesel-powered trucks and SUVs, as well as the improving financial outlook for electric vehicles, will support GM's performance. Regarding its product lineup, GM stressed that it is gaining market share in the electric vehicle segment from competitors and attracting many new customers. 'Rapid progress toward profitability in electromobility' is being made. GM plans to produce and distribute approximately 200,000 electric vehicles under its brand by the end of the year. Another key topic is addressing the so-called 'range anxiety.' Most of GM's electric vehicles in North America now achieve a range of over 300 miles; the new Silverado EV RST model can reach nearly 500 miles on a full charge. A crucial step toward profitability in electric vehicles for GM is reducing battery cell costs, facilitated by the quality, efficiency, and volume of the cell plants from the company's joint venture. Additionally, GM has aggressively reduced its fixed costs, leading to a net reduction of $2 billion over the past two years. GM convinced investors that capital expenditures will remain at the current year's level through 2025. Many of the significant investments necessary to expand the electric vehicle business have already been made.