GM Points to Supplier for Slow EV Production, Confirms Future for Chevy Bolt EV
🔋 GM Points to Supplier for Slow EV Production, Confirms Future for Chevy Bolt EV.
General Motors CEO Mary Barra attributed the slow ramp-up of the company's new electric vehicles to a supplier of automation equipment. Despite quarterly results beating year-ago performance, Wall Street criticized GM's EV rollout, leading to a 4% drop in the company's shares. Barra expressed disappointment with the unnamed supplier's delivery issues, affecting module assembly capacity. GM produced 50,000 EVs in the first half of the year, mainly consisting of outgoing Chevrolet Bolt models, rather than the newer ones using the "Ultium" batteries and technologies. Barra assured analysts that significant production improvements are expected by the end of the year, and GM plans to produce 100,000 vehicles in North America during the second half of 2023.
The recent woes faced by America's leading automakers - Ford, General Motors, and Stellantis - have gone largely unnoticed amidst their impressive profits.