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General Motors CEO stresses EV sales progress in shareholder message

UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on Thursday, May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan. (Photo by Steve Fecht for Chevrolet)

General Motors (GM) CEO Mary Barra released a message to shareholders along with the company’s earnings report earlier today.

Despite global supply chain issues, mounting inflationary costs, and general unease regarding the global market, General Motors posted an impressive earnings report this morning. Along with this report, Mary Barra, CEO of GM, focused on the company’s progress and its plans to produce electric vehicles in her message to shareholders.

GM had a great message to investors when looking at their earnings report earlier this morning. The company achieved a double-digit profit margin of just over 10% (EBIT), an increase of 0.7% compared to Q3 2021. Demand for their products remained high throughout the quarter, allowing the company to tout its leadership in full-sized SUVs and the truck market. However, reading CEO Mery Barra’s message to investors shows that these older ICE segments are not the focus of the company leadership.

In her message, Ms. Barra quickly addresses electric vehicles; “we [] earned more than 8% of the U.S. electric vehicle market in the third quarter thanks to record sales of the Chevrolet Bolt EV and Bolt EUV. Our dealers and customers have embraced the Bolt because of its range, technology and value, helping it outsell Ford’s Mach-E by more than two to one in September.”

On top of GM’s success with its Chevy Bolt offering, the company is excited to introduce its numerous upcoming electric models. Ms. Barra’s message reads, “the Chevrolet Equinox EV and the GMC Sierra EV that we revealed in recent weeks, along with the Chevrolet Silverado EV and Blazer EV, are cornerstones of our strategy to rapidly grow EV volumes by winning in high-volume segments.”

This focus on electric offerings continues throughout the CEO’s message, but the key takeaways are clear. GM is directing itself toward an electric future, and they hope to find success in high volume and lower priced options than from competition at Tesla, Ford, and Hyundai/Kia, who are current market leaders. Furthermore, they are taking a page out of Tesla’s playbook and focusing on vertical integration to achieve their ambitious goals.

“Greater vertical integration is a key driver.” Ms. Barra argues, “That’s why we are building battery cells in Ohio through Ultium Cells LLC, with a second U.S. plant opening next year, a third in 2024, and a fourth planned.”

The company is facing the right direction by moving to address the lacking affordable electric vehicle segment. Still, just like many other legacy brands, they must now focus on delivering on these goals.

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General Motors CEO stresses EV sales progress in shareholder message
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