GM targets to become a fully electric vehicle manufacturer by 2035. To that end, GM is committed to producing 30 new electric vehicle models and selling 2 million electric vehicles by 2025.
Towards that goal, CEO Mary Barra said a “significant portion” of executive compensation will be tied to GM’s performance in meeting their EV targets.
Barra didn’t go into more detail about what the new EV’s compensation targets will be. More information will be released on Friday.
See also: Chevrolet is making iconic Corvette as electric model
In 2020, Barra’s compensation package is $23.7 million, including a base salary of approximately $2 million and a stock award of $13 million.
GM has actually been in the electric vehicle market for a long time. However, they encountered several obstacles to achieve their EV production target. GM was recently forced to recall the Chevy Bolt EV and EUV (which was GM’s only EV at the time) due to a potentially faulty battery.
Apart from being forced to withdraw, they also shut down Bolt production. As a result, GM only sold 26 EVs in Q4 2021 and 457 in Q1 2022.
