General Motors is one of the automakers with the most ambitious strategies in the field of electric vehicles. The company wants to surpass Tesla by the middle of the decade. But this does not mean that GM will abandon the internal combustion engine. In fact, the head of the company confirmed that the internal combustion engine will remain here for many years, and GM will continue to use it in its models.
GM President Mark Reuss recently gave an interview with Fox Business before the presentation of the Investor Day in New York. He said that General Motors is not ready to leave the traditional mass segments, where models with an internal combustion engine still dominate sales by a large margin.
“More and more automakers are strengthening their portfolios of cars with internal combustion engines in order to continue making money and start investing in electric vehicles. In the case of GM, by the middle of the decade, the company wants to invest about $35 billion in electric vehicles and autonomous technologies.”
In February of this year, the automaker’s CEO Mary Barra said that General Motors plans to deliver about 400,000 electric vehicles to North America by 2023 and up to one million electric vehicles in the region by 2025. However, the rapidly changing auto industry forced GM to change its strategy. During the announcement of earnings for the third quarter of 2022 on October 25, Barra changed the schedule for the first half of 2024 — or six months later than originally planned.
In a new interview, Reuss commented on when he expects investments in the electric vehicle sector to start making money, and it will be 2025. Then the concern will start making money on electric vehicles.