Why GM is sticking with EVs as rivals pivot to hybrids
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General Motors Co. is sticking with electric vehicles (EVs) despite a decline in sales and a shift towards hybrids by rival brands. The company believes EV sales will eventually take off and is working to make EV batteries cheaper while generating cash from gas vehicles.
General Motors Co. is committed to electric vehicles (EVs) despite a decline in sales. The company predicts EV sales will eventually increase, driven by global demand. Rival brands, such as Toyota and Ford, are investing in hybrids, but GM is focusing on making EV batteries cheaper. GM is generating cash from gas vehicles, including full-sized pickups and SUVs. The company has invested billions in EVs and is limiting resources for hybrids. Industry analysts believe GM's strategy will pay off in the long term.
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