General Motors says it expects its portfolio of electric vehicles to turn a profit in North America by 2025 as it boosts battery and assembly plant capacity to build over 1 million EVs per year.
Jacobson said it will take time for individual electric vehicles to get to “low- to mid-single digit” profit margins in 2025 as costs are spread over more vehicles. “If you look at any individual program, there’s probably better performance than what you see in the aggregate as a whole,” he said.
Despite economic volatility and the possibility of a downturn, GM appeared a little more confident in this year’s financial results, saying Thursday it expects full-year pretax income to be $13.5 billion to $14.5 billion. That’s within the range of previous guidance of $13 billion to $15 billion. The forecast for free cash flow, the cash left after operating and capital expenses, $7 billion to $9 billion to $10 billion to $11 billion for the year.
For electric vehicles next year, GM will revive the Buick Electra name for a new SUV that will go on sale first in China, then in the U.S. Then comes the Cruise Origin, a multi-passenger vehicle built for the company’s ride-hailing service, and a Cadillac compact SUV.
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