GM Cuts EV Production Forecast By 50,000 Units, Will Invest $850M In Cruise

The firm's CFO confirmed the move while announcing $850 million in fresh investment for Cruise. GM says the market penetration of EVs in 2024 has been lower than expected. EVs from the brand will reach positive variable profit this year. General Motors has been forced to slash its EV production forecast for this year and expects to end 2024 having built between 200,000 and 250,000 electric vehicles.

“We think that this is a really good blend of being able to drive the scale benefits that we need but still not get crazy with inventory levels, such that we have to start engaging in deep discounting to where customers who have already bought one start to see their residual values suffer. Jacobson added the firm’s portfolio of EVs remains strong and it expects to achieve positive variable profit – excluding fixed costs – for its EVs in the second half of this year.

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