General Motors cuts 2024 EV forecast due to slow U.S. adoption

General Motors is adjusting its expected sales and production of all-electric vehicles this year due to slower-than-expected U.S. adoption of EVs. The company now anticipates producing 200,000 to 250,000 EVs this year, down from the initial range of 200,000 to 300,000. GM's CFO, Paul Jacobson, mentioned that the company will produce based on demand, which is growing but at a slower pace than anticipated. The company expects U.S. EV sales to represent around 8% of the industry, lower than some projections of 10% by 2024. Despite this, GM still aims for its EVs to be profitable at 200,000 units, with this milestone expected in the second half of the year. GM is launching new EV models, such as the Chevrolet Equinox EV, priced at around $35,000 before incentives. The company also reintroduced the Chevrolet Blazer EV, both crucial for its EV growth, as they utilize GM's "Ultium" EV platform. Additionally, GM announced a $6 billion stock repurchase authorization, supported by sales of traditional gas-powered vehicles, following a previous $10 billion share repurchase program.