General Motors (NYSE: GM) CEO Mary Barra assured investors that electrification is well underway with May being GM’s best ever EV sales month, defying the slowdown even the EV king, Tesla Inc (NASDAQ: TSLA), is struggling with. The EV push is owed to ongoing growth for Cadillac Lyriq, Chevrolet Blazer EV, GMC Hummer EV and Chevrolet Silverado EV, but more will be known when GM reports its second quarter results in July. Barra also noted that GM still expects 2024 to be a record year of EV sales.
Despite the slowdown, GM insists it remains committed to its EV future. Barra also stated that the market will determine the timing of its EV transition and when will GM phase out gasoline-powered vehicles. GM did not officially alter its commitment to make all-electric vehicles by 2035, although some confusion was caused by Barra’s interview on Tuesday where she mentioned the EV transformation is going to happen over decades. But, the bottom line is that despite both GM and Ford Motor (NYSE: F) scaling back their EV ambitions, they remain on the EV track.
On Wednesday, Ford reported its EV sales in …
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