Podcast
Questions and Answers
What was General Motors' expectation regarding its electric vehicle (EV) sales in comparison to Tesla by 2025?
What was General Motors' expectation regarding its electric vehicle (EV) sales in comparison to Tesla by 2025?
- To focus more on hybrid vehicles instead.
- To absolutely catch up to Tesla. (correct)
- To become the leading EV manufacturer in the world.
- To maintain its current sales without significant growth.
By what percentage had GM's EV sales increased compared to the previous year through August?
By what percentage had GM's EV sales increased compared to the previous year through August?
- 90%
- 50%
- 70% (correct)
- 100%
What challenge has GM faced that hindered its electric vehicle production progress?
What challenge has GM faced that hindered its electric vehicle production progress?
- Limited market demand for electric vehicles.
- High manufacturing costs for electric vehicles.
- A shortage of electric car enthusiasts.
- Challenges with production, software, and supply chains. (correct)
How many electric vehicles did GM sell in July and August combined?
How many electric vehicles did GM sell in July and August combined?
Which company remains the uncontested leader in EV sales during the second quarter according to estimates?
Which company remains the uncontested leader in EV sales during the second quarter according to estimates?
What is the price range of GM’s expanding lineup of all-electric vehicles?
What is the price range of GM’s expanding lineup of all-electric vehicles?
What did GM's president of global markets claim about their growth in EV sales?
What did GM's president of global markets claim about their growth in EV sales?
What was GM's situation with respect to Ford's EV sales through August?
What was GM's situation with respect to Ford's EV sales through August?
How many Ultium-based EVs does GM currently offer for consumers?
How many Ultium-based EVs does GM currently offer for consumers?
What is the expected total number of Cadillac vehicles in GM's EV lineup by the end of the year?
What is the expected total number of Cadillac vehicles in GM's EV lineup by the end of the year?
What is the approximate selling price of GM's bespoke Celestiq?
What is the approximate selling price of GM's bespoke Celestiq?
By what year does GM plan to exclusively offer all-electric vehicles?
By what year does GM plan to exclusively offer all-electric vehicles?
What is the expected percentage of overall U.S. vehicle sales accounted for by EVs by the end of the year?
What is the expected percentage of overall U.S. vehicle sales accounted for by EVs by the end of the year?
What has GM spent billions of dollars developing to meet consumer demand?
What has GM spent billions of dollars developing to meet consumer demand?
What is the projected unit output GM expects to achieve for EVs by the fourth quarter for profitability?
What is the projected unit output GM expects to achieve for EVs by the fourth quarter for profitability?
Which luxury brand is part of GM's electric vehicle offerings?
Which luxury brand is part of GM's electric vehicle offerings?
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Study Notes
General Motors' Electric Vehicle Sales
- General Motors (GM) aimed to catch up to Tesla in electric vehicle (EV) sales by 2025, but currently remains behind Tesla, Hyundai/Kia, and Ford Motor.
- GM has withdrawn most of its previously announced EV targets, but believes its EV sales momentum is building due to an expanding lineup of all-electric vehicles.
- The automaker's EV lineup spans a price range of roughly 35,000toover35,000 to over 35,000toover300,000.
GM's EV Sales Data
- GM sold nearly 21,000 EVs in the U.S. in July and August, almost matching its full second-quarter EV sales.
- EV sales through August were up about 70% compared to a year earlier.
- GM's EV sales are up, but still behind Hyundai/Kia EV sales through August, and more than 20,000 units shy of Hyundai/Kia EV sales.
Competition in EV Sales
- Tesla remains the leader in EV sales, with estimated sales of over 164,000 EVs during the second quarter, roughly double the sales of GM, Hyundai/Kia, and Ford combined.
- Ford and Hyundai/Kia report sales monthly, while GM reports quarterly.
GM's Expanding EV Lineup
- GM offers eight "Ultium-based" EVs for consumers, ranging from mainstream models to luxury models from Cadillac.
- Two additional Cadillac vehicles are expected to join the lineup by year's end, bringing the total to an industry-leading 10.
- GM's Ultium electric vehicle architecture and battery technologies support its expanding EV lineup.
Industry Comparison
- Tesla's five vehicles range from the roughly 39,000Model3sedantothemorethan39,000 Model 3 sedan to the more than 39,000Model3sedantothemorethan100,000 Cybertruck.
- Hyundai, including its Genesis luxury brand and Kia sibling, has a lineup of nine cars and crossovers ranging from about 34,000to34,000 to 34,000to80,000.
Challenges and Expectations
- The pressure is on GM to sell its EVs, with billions of dollars invested in their development.
- EVs remain less profitable than gas-powered models, but GM expects them to be profitable on a production basis once it reaches output of 200,000 units by the fourth quarter.
- Cox Automotive expects EVs to make up roughly 10% of overall U.S. vehicle sales by the end of the year, up from 7.3% in the first quarter.
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