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General Motors believes EVs will be profitable by 2025, with lots in pipeline

General Motors is moving aggressively in the EV market, expecting models to be profitable in a few years, while the GM EV portfolio greatly expands.

General Motors believes EVs will be profitable by 2025, with lots in pipeline
Published Nov 19, 2022 7:34 AM CST
1 minute & 16 seconds read time

General Motors hopes modifications to its battery and vehicle assembly facilities will produce at least 1 million electric vehicles each year. The US automaker wants to have 30 EVs available to consumers by 2025 while trying to catch up to Tesla - on the sales charts and ability to produce vehicles.

General Motors believes EVs will be profitable by 2025, with lots in pipeline 01

It's hard to convince automakers to jump fully on board with EVs, as many automakers are manufacturing and selling EVs at a financial loss. However, GM plans to sell entry-level EVs for around $30,000, in addition to its higher-end luxury SUVs and trucks.

Hopefully, individual EV sales will provide "low- to mid-single digit" profits in three years, with GM able to benefit from costs spread over multiple new EV models. The automaker also shows hope for when the clean energy tax credits shared through US federal Inflation Reduction Act kick in.

Here is what GM CFO Paul Jacobson said during an investor day event: "Our commitment is to lead the industry. We believe that with the infrastructure that we put in place and the vehicles that you'll see today, we'll be able to get there."

Transitioning workers from regular auto assembly to EV production is a learning process for management and workers. GM is going through some growing pains to prepare for a fully electric future but is aggressively expanding efforts.

Since the EU banned the sale of new combustion engine vehicles in 2035, automakers have no choice but to react. GM hopes to fully transition to EV-only vehicles before the 2035 deadline.

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An experienced tech journalist and marketing specialist, Michael joins TweakTown to cover everything from cars & electric vehicles to solar and green energy topics. A former Staff Writer at DailyTech, Michael is now the Cars & Electric Vehicles News Reporter and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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