GM is reworking its North America EV strategy and will no longer challenge Tesla's lead in the US EV segment amid slowing EV sales growth, higher labor costs.
General Motors is reworking its EV strategy in North America and is pulling back from efforts to challenge Tesla's lead in the US electric vehicle segment amid slowing EV sales growth, rising labor costs, and a bleak economic outlook. The company said during today's Q3 2023 earnings call that it is also abandoning a goal to build 400,000 electric vehicles from 2022 through mid-2024.
Barra said GM will save billions thanks to a decision to redesign and relaunch the Chevrolet Bolt EV using lower-cost lithium-iron batteries. She added that GM also ditched an earlier plan to spend $5 billion on several new entry-level EVs.
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