From CNBC: 2024-06-11 12:12:39

General Motors is reducing its expected production of electric vehicles to 200,000 to 250,000 units in 2024, down from 200,000 to 300,000 due to slower U.S. EV adoption. GM CFO expects U.S. EV sales to be around 8% of the industry, lower than the 10% expected by others. The company remains optimistic about profitability and is launching new EVs like the Chevrolet Equinox EV and Blazer EV.

GM’s new $6 billion stock repurchase program was approved, following an accelerated $10 billion share buyback scheduled to finish this month. The automaker focuses on profitability from gas-powered and EVs, aiming to efficiently deploy capital and increase shareholder returns. The company expects its EV business to be profitable at approximately 200,000 units produced.



Read more at CNBC: GM trims 2024 EV forecast amid slower-than-expected demand