Automotive

Checking on GM

TL:DR — GM has enough battery metal to make 5 million EVs, missed nearly half their Q2 profit goals, and wants to be sure everybody knows how neat EVs (well, GM EVs) are.
No items found.
Checking on GM

📈 🔋The Good. The struggle is real, yall. With supply challenges putting battery production on shaky ground, OEMs are looking high and low for material to keep up with the production demand of new vehicles, specifically EVs. A 950k ton deal with LG Chem has put GM in the cathode active material green for the next 5 years. With a carbon-neutral goal of 2040, the deal puts GM 5 million EVs closer to their goal of catching Tesla. 

📉 💸The Bad. Stemming from those same supply challenges, the company reported a Q2 profit loss of 40%. Able to trace the drop to an undeniable source, GM execs say the full-year profits are on track. The company expects a sharp production increase in the 2nd half of the year as the chip shortage eases. 

🏫 👍The Educational? Seeing a lack of knowledge and potential misconceptions about EVs as the primary driver of customer hesitance, GM hopes to step into the role of knowledge bomb dropper. EV Live, a free online chat tool for all, will put curious consumers in touch with experts to ask general questions about zero-emissions cars. Of course, the experts are also well versed in how to buy one of GM's EVs, just in case.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.