General Motors (NYSE:GM) CEO Mary Barra on Sunday reiterated the company's aim to sell only electric light-duty vehicles by 2035 despite slowing demand for EVs.
What Happened: "Our workforce is quite young. Most of our technical talent has been with the company for less than five years and so I would say about 40%. They are joining because they want to be a part of a company that is going to change and lead in the move to electric vehicles," Barra said in an interview with CBS News.
Talking about the ongoing slowdown in EV demand, Barra said, "I don't think we ever thought it was going to be linear."
Why It Matters: In the second quarter, GM sold only 21,930 EVs in the U.S. despite having seven EV models in its lineup. Ford, meanwhile, sold 21,930 units of just three EV models.
EV giant Tesla Inc (NASDAQ:TSLA) sold 164,264 EVs in the period, according to Kelley Blue Book estimates, with the Model Y alone accounting for 101,301 sales.
Despite having a higher number of EVs in its lineup than even Tesla, GM is looking to add more, including the all-electric Cadillac Escalade IQ starting at around $130,000. The company is also planning to start the production of its next-generation Chevrolet Bolt EV next year.
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