EVs create profit potholes for major US automakers GM, Ford

Oct 29, 2023 · The electric vehicle push by Ford and General Motors cut into both companies' profit margins which has the automakers revising some of their EV plans to rein in costs. ...

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EVs Create Profit Potholes For Major US Automakers GM, Ford

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Oct 29, 2023 · General Motors saw its quarterly profit reduced by about $1.5 billion because of higher costs and the impact of selling more EVs – though it doesn’t break out losses from its …

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How GM Topped Tesla To Become One Of The Fastest-Growing …

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Jan 27, 2025 · In 2024, GM’s EV sales surged 50% to 114,432, its highest ever aided by the new Equinox EV, a Tesla Model Y fighter. That made it one of the fastest-growing players in the …

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Electric Vehicles Are Draining Billions From Profitable ICE Legacy ...

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Mar 30, 2023 · Ford Motor Co. is finding this out the hard way — just the same as many other automakers — with the company’s EV unit projected to lose about $3 billion in 2023.

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Profit Vs. The Planet: Here's Why US Automakers Are All-In On

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Sep 26, 2022 · The streets in China have many more EVs in number and type than the US, priced anywhere from $5,000 urban commuters to a $26,000 Tesla lookalike and beyond, says …

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Why The EV Battle Is Brutal For GM, Ford, Other Automakers: Tesla …

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Feb 18, 2021 · The shift to EVs will remain a giant money-suck for legacy automakers for years to come. Both GM and Ford have announced investments exceeding $20 billion each over the …

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Trends In Electric Cars – Global EV Outlook 2024 – Analysis - IEA

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Electric car sales neared 14 million in 2023, 95% of which were in China, Europe and the United States. Almost 14 million new electric cars1 were registered globally in 2023, bringing their …

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FAQs about EVs create profit potholes for major US automakers GM, Ford Coupon?

Why did General Motors lose $1.5 billion in EV sales?

FORD MOTOR CO. GENERAL MOTORS CO. General Motors saw its quarterly profit reduced by about $1.5 billion because of higher costs and the impact of selling more EVs – though it doesn’t break out losses from its EV unit in the same way Ford does. ...

How many EVS did GM Build last year?

GM built 189,000 EVs last year and aims to build 300,000 this year. General Motors is finally making some money in the electric-vehicle business. The automaker reported its EVs were "variable profit positive" in 2024, meaning that they earned more money than GM spent on manufacturing costs such as labor and parts. ...

Can GM profit from EVS?

It's not easy to profit from EVs given the high costs associated with development and materials. In fact, GM's legacy competitors are still losing billions of dollars on EVs. Ford recorded losses of $1.2 billion in the third quarter alone. ...

How has GM improved its EV variable profit?

GM has improved its EV variable profit by more than 30 points year over year through the third quarter, Jacobson said. GM CEO Mary Barra said Tuesday the automaker is on pace to produce and wholesale about 200,000 EVs for North America in 2024, achieving profitability on a production, or contribution-margin basis, by the end of this year. ...

Which automakers sell the most EVs in the United States?

U.S. electric-vehicle market share trails far behind that of Europe and especially China, where 29.9% of vehicles sold in January were EVs or plug-in hybrids. Non-union Tesla dominates U.S. electric-vehicle sales. The unionized Detroit automakers trail far behind, with EVs accounting for only 4% of Ford’s total sales and 3% of GM deliveries. ...

Why are Ford & General Motors rethinking their electric vehicle plans?

The electric vehicle push at Ford and General Motors hit a speed bump that’s cutting into the automakers’ profits and causing them to reevaluate their electric vehicle (EV) plans amid a price war and supply chain challenges. ...