GM Reports Profitable Quarter for EVs, Signals Major Shift

General Motors reported a successful 2024, achieving 'variable profit positive' status for its electric vehicle (EV) division, meaning revenue from EV sales exceeded certain manufacturing costs. The company manufactured approximately 189,000 electric vehicles last year and plans to ramp up production to 300,000 by 2025. CEO Mary Barra highlighted the significant growth in Chevy Equinox EV sales, which surged by 85% compared to the previous quarter, along with record sales of the GMC Hummer EV. Despite this progress, GM warned of potential uncertainties due to changing federal tax credits and trade policies that could affect future profitability. The automaker faces challenges similar to those of competitors like Ford, which has recently suffered substantial losses in its EV sector. Nevertheless, GM remains optimistic about solidifying its market position as it continues to adapt to the evolving automotive landscape focused on electrification.