In February 2022, GM CEO Mary Barra said that the auto giant is aiming to ship about 400,000 electric vehicles in North America by 2023 as part of a larger goal of making 1 million EVs in the region by 2025.
However, delays in recruiting and training in battery manufacturing efforts have forced GM to re-evaluate its ambitious electric vehicle production targets for North America. During a Q3 2022 earnings review on Oct. 25, Mary Barra said the production target of 400,000 EVs had been pushed back to the first half of 2024, meaning a six-month delay from the original target.
“All of our 2023 rollouts went well. However, due to battery cell production rollout being slightly slower than we expected, our plan now is to produce 400,000 EVs in North America during 2022, 2023, and the first half of 2024,” explains Barra.
The CEO added that the slower rollout of cell and battery pack production was due to difficulties recruiting and training 1,000 new workers at their EV battery factory in Warren, Ohio. Barra explained that it took “a little longer than expected” to recruit and train workers at its new battery production plant, which started production in September. “It takes a little longer too for the battery assembly,” added Barra.
GM delivered strong results during the third quarter, including record third-quarter revenue of $41.9 billion (approximately IDR 651.85 trillion) and double-digit EBIT-adjusted margins. The automaker also accounts for more than 8 percent of the US electric vehicle market thanks to record sales of the Chevrolet Bolt EV and Bolt EUV.
“Our dealers and customers have chosen the Bolt because of its range, technology and value that helped it outsell the Ford Mach-E by more than two to one in September,” wrote Mary Barra in GM's Q3 2022 letter to shareholders.
Barra also noted that GM will increase production of the Bolt EV and Bolt EUV from 40,000 units this year to 70,000 units next year. Regarding General Motors' upcoming EV models, he said that the recently launched Chevrolet Equinox EV and GMC Sierra EV, along with the Chevrolet Silverado EV and Blazer EV, are the cornerstone of our strategy to rapidly increase EV volume by winning the volume segment. tall.”
All of these models have been “very well received by customers and industry experts,” according to Barra, who added that analysts see GM's new EVs will drive rapid EV adoption.