GENERAL Motors have opened up on their recent struggles – with a focus on their electric vehicles and their lack of profitability.
The car giant has faced a tricky few months, having announced a recall as well as staff layoffs.
GM have opened up on their recent struggles, which includes their electric vehicles lack of profitability[/caption]
The car giant has recently had to announce a huge recall and staff layoffs[/caption]
In a letter to shareholders, GM revealed that their EVs are still not profitable but the company is seeing “progress” in the industry.
They wrote: “In the third quarter, we grew US retail market share with above-average pricing, well-managed inventories and below-average incentives.
“In China, sales improved from the second quarter, and dealer inventory fell sharply.
“In addition, we remain on track to reach our 2024 EV production and profitability targets.
“This is a function of our investments in a dedicated EV platform, US battery cell manufacturing and flexible assembly capacity.
“Most of our competitors lack these advantages, and no one can match the depth and breadth of our strategic EV portfolio.”
This comes as the brand recalled around 450,000 trucks and SUVs over braking issues in September, with the specific problem relating to the electronic brake control module software – which may fail to display a warning light when a loss of brake fluid occurs.
This affected the 2023 Chevrolet Silverado 1500, GMC Sierra 1500, 2023 and 2024 Chevrolet Tahoe, Suburban, GMC Yukon, Yukon XL, Cadillac Escalade, and Escalade ESV models.
Before that, in August, there were layoffs across GM’s software and services sectors, which affected around 600 employees in Warren, Michigan.
At the time, GM said the company “must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact” as they build for the future.
This comes as another car making giant is struggling at the moment as they look to sell off a massive test track that it’s owned for 17 years.
Stellantis, one of the world’s biggest maker of cars and the owner of brands such as Chrysler, Dodge, and Jeep, wants to sell a massive facility based in Arizona that’s used for hot weather testing.
The facility features around 70 miles of track, which includes a high-speed oval, various shorter handling tracks, and off-road testing grounds.
Elsewhere, drivers are to be slapped with $100 fines as the number of speeding cameras is doubled on ‘America’s most hated road’.
GM revealed to shareholders that their EVs are still not profitable but the company is seeing “progress” in the industry[/caption]
Chevrolet was one of the brand affected by the recall of around 450,000 vehicles[/caption]
