GM Balances EV and ICE Vehicles as It Aims for Record Profits

General Motors (GM) is gearing up for what could be a record year. In a recent earnings call, GM leaders talked about their strategy for both electric (EV) and gas-powered (ICE) vehicles as they look to hit big sales targets while keeping customers happy and their business profitable.

Big Changes for EV Production Targets

After setting high goals for EV production, GM has adjusted expectations. Last year, they aimed for big EV numbers but decided to slow things down to match what customers actually want. GM is now focusing on producing around 200,000 EVs this year, slightly down from its earlier 250,000 goal. Even with the shift, GM reported a 60% jump in EV sales over the last quarter.

Looking ahead, GM hopes to sell 400,000 EVs by mid-2024, and they’re confident they can hit those numbers by offering cars that people want to buy and drive. This shift to keep production flexible based on demand could mean that EV customers have more choices in the near future.

Improving EV Profits & Expanding Charging Access

To make EVs more profitable, GM is scaling up production and rethinking its battery and technology setups. In fact, GM has decided to drop the "Ultium" name for its EV battery lineup as it fine-tunes its branding. The company is also tackling “range anxiety,” something many EV drivers worry about. By offering EVs with a 300-mile range and opening up access to Tesla’s Supercharger network, GM is making sure EV owners can feel confident wherever they go.

Still Committed to Gas-Powered Options

While GM ramps up EV production, they’re not letting go of gas-powered vehicles. Their high-demand full-size trucks and SUVs are still major profit drivers. GM’s CFO, Paul Jacobson, pointed out that full-size pickups and SUVs continue to hold strong, giving GM a solid footing as they work to balance both types of vehicles.

What’s Next for GM?

GM is aiming for steady growth in both EV and gas segments. With new EV models on the way and a lineup of gas-powered SUVs set for refreshes, the company is putting customer choice first. As GM builds out its EV lineup, customers can expect a mix of exciting options to choose from, with tech upgrades and extended range to meet the needs of today’s drivers.