General Motors Co. said that it expects yearly sales to grow 12% over the next three years due to an increase in the sales of electric vehicles (EVs), and that its EV program will be profitable by 2025, answering a critical question regarding its longer-term strategy. The company stated on November 17, 2022, that it expects EV sales to become profitable in 2025. In contrast to its previous projection of $7 billion to $9 billion, the company now expects free cash flow of up to $11 billion for 2022.
As reported by the company, the total revenue and net profit increased significantly in the third quarter that ended September 2022 in comparison to that in the second quarter of 2022 and the third quarter of 2021.
Beyond 2022, the company’s leadership expects GM to grow collectively by about 50% over the next three years, with EVs becoming a critical enabler of the bottom line by 2025. GM announced on November 14, 2022, that it expects to make money on EVs over time. The capacity of GM to increase EV sales is the result of years of investment in R&D, design, engineering, production, supply chain, and a new, industry-leading EV customer experience. In New York, GM stock barely changed at $38.64 at close.
According to GM, sales of EVs could surpass $50 billion in 2025. In North America, the Detroit-based company intends to produce 400,000 EVs between 2022 and the first half of 2024. In North America, production capacity will increase to one million units annually by 2025.
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