General Motors (GM) has announced further delays in its all-electric vehicle initiatives, impacting both a second U.S. electric truck plant and the Buick brand’s first EV. Here are the key points:

1. Electric Truck Plant Delay: GM is postponing the construction of a second U.S. electric truck plant in Michigan until mid-2026. This delay means that the company will not achieve its prior target of having North American production capacity for 1 million EVs by 2025.

2. Buick Brand’s First EV: The timing for Buick’s first EV, which was initially expected in 2024, remains uncertain. GM did not provide an updated timeline for this release.

3. Buick’s Electric Future: The entire Buick brand aims to become fully electric by 2030, aligning with GM’s broader plans to exclusively offer consumer EVs by 2035.

4. Battery Cell Plants: The changes raise questions about GM’s plans for future battery cell plants beyond its existing joint venture facilities with LG Energy Solution in North America. Previously, GM had announced plans for four multibillion-dollar battery plants in the U.S. by 2026.

5. U.S. EV Deliveries: Despite the delays, GM’s U.S. EV deliveries increased by 40% during the second quarter of 2024, reaching 21,930 units. However, EVs still constituted only 3.2% of its total second-quarter U.S. sales.

6. Profitability Outlook: GM expects its EVs to be profitable on a production basis once it reaches 200,000 units by the fourth quarter of this year.

In summary, GM faces challenges in meeting its ambitious EV production targets, but it remains committed to responsible and profitable growth in the electric vehicle market¹. Stay tuned for further updates as the industry evolves!