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GM sticks to EV transition plan, all-electric lineup by 2035 likely

Image: GM

General Motors is sticking to its plan for an all-electric vehicle lineup by 2035, a company spokesperson told reporters after news that the Detroit-based automaker might attempt a scale-back of the target.

At the company's annual shareholder meeting earlier this week, CEO Mary Barra, facing shareholder scepticism over market demand for the vehicles, had conceded that the composition of GM's vehicle lineup would be guided by customer demand. That appeared to ease the pressure on the all-EV target, similar to last month's press reports that said Cadillac (GM's luxury brand) was unlikely to have an all-electric lineup by its target date of 2030.

"We have a great lineup of gas-powered, or what we call ICE vehicles, that are available right now and we have a great lineup of EVs that will continue to grow," Barra told the meeting, adding: "We'll be covering the portfolio from a segment perspective and arranged perspective of pricing, design, et cetera."

Shareholder concerns mainly centered on the slower-than-expected growth in EV demand. Barra remained confident of the sector, telling shareholders that May was GM's "best month ever for EV sales in North America."

"We're seeing profit improvement in our EV portfolio as we scale production," she said, before concluding: "Like everyone, we are watching EV demand closely because the pace of adoption has slowed, but we still expect that 2024 will be a record year of EV sales," Barra said.

Meanwhile, a poll reveals that Americans are still holding off from EVs, notwithstanding the record EV sales.

High prices and a lack of easy-to-find charging stations the biggest gripes, according to a poll by the Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago. About four in 10 respondents said they would be at least somewhat likely to buy an EV the next time they buy a car, but 46 percent believe they are 'not too likely' or 'not at all likely' to look at electric options.

Furthermore, only 13 percent said they or someone in their household owned or used a gas-hybrid car. Even fewer --- just 9 percent – said they owned or leased an electric vehicle. 

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