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GM Predicts EV Profitability Will Happen Within the Next Decade

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Chevrolet Bolt Korea
A profitable EV might be just around the corner for GM
Photo: Chevrolet

General Motors has repeatedly stated that EVs will make up a large portion of its vehicle offerings moving forward. Many automakers and analysts might consider this move a risk, as EVs currently struggle to be profitable.

Yet, GM’s CEO Mary Barra believes that profitable EVs will emerge within the next decade.

Barra alluded to this prediction during an investor call earlier this year. As support for this prediction, Barra cited GM’s strong position in China and partnerships with automakers like Honda in developing EV tech.

Back in 2017, GM predicted that its first truly profitable EV would arrive sometime around 2021. The BEV3 architecture will be vital to this predicted EV’s success.

GM’s BEV3 platform can underpin a number of different vehicle types and classes. Currently, the BEV3 platform is set to make its market debut with an upcoming Cadillac EV model.

GM recently announced that Cadillac will spearhead its push toward electrification. GM President Mark Reuss recently referred to electrification as a last chance for the Cadillac brand.

Cadillac will reportedly spearhead GM’s electrification efforts
Photo: Cadillac

Of course, if GM wants to achieve these lofty electric vehicle goals, it needs to hit the ground running. GM plans to introduce 20 new electric vehicles worldwide by 2023. Furthermore, it wants each of these EVs to have a minimum range of at least 300 miles.

Currently, GM’s major EV model is the Chevrolet Bolt, and while this tiny electric car is popular, it’s far from what most would call profitable. As the American automaker works to prefect its EV offerings, a profitable model for this segment could very well become a reality very soon.

News Source: GM Authority