GM trims 2024 EV sales forecast amid slower-than-expected demand

GM’s 2024 Chevrolet Equinox EV during a media launch event for the vehicle in Detroit, May 16, 2024.

Michael Wayland / CNBC

DETROIT – General Motors is trimming its expected sales of all-electric vehicles this year, as U.S. adoption of EVs occurs slower than expected.

GM Chief Financial Officer Paul Jacobson said the company now expects production of 200,000 to 250,000 EVs this year, down from a previously announced range of 200,000 to 300,000. The company has continued to say it will produce to demand, which is growing, but lower than many had expected.

“So at the lower end of that, and I think it reflects the momentum that we have in the business,” Jacobson said Tuesday during a Deutsche Bank investor event.

Jacobson said the company expects U.S. EV sales to be around 8% of the industry. That’s lower than many others, which expects sales to hit around 10% of industry sales in 2024.

GM still expects its EVs to be variable profit-positive at 200,000 units. He said this is still expected to occur during the second half of the year, in the fourth quarter.

CORRECTION: GM is trimming its EV production target to 200,000 to 250,000 vehicles in 2024. A prior version of this article misstated that range.

This is breaking news. Please check back for additional updates.

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