With signs of growing inventory and slowing sales, auto industry executives admitted this week that their ambitious electric vehicle plans are a failure.
Executives at some of the biggest carmakers this week voiced fresh unease about the electric car market’s growth as concerns over the viability of these vehicles put their multi-billion-dollar electrification strategies at risk.
Among the surprising hand-wringing is GM’s Mary Barra, historically one of the automotive industry’s most bullish CEOs on the future of electric vehicles. GM has been an early-mover in the electric car market, selling the Chevrolet Bolt for seven years and making bold claims about a fully electric future for the company long before their competitors got on board.
But this week on GM’s third-quarter earnings call, Barra and GM struck a more sober tone. The company announced with its quarterly results that it’s abandoning its targets to build 100,000 EVs in the second half or this year and another 400,000 by the first six months of 2024. GM doesn’t know anymore when it will hit those targets.
“As we get further into the transformation to EV, it’s a bit bumpy,” she said. She believed the tree hugger lies and it is costing the company $ billions.