General Motors has forecast that its electric vehicle portfolio will be profitable in 2025, underscoring its investment in the nascent business by announcing a deal with the Brazilian mining company Vale for supplies of battery-grade nickel.
The largest US carmaker told investors that it expects to generate more than $50bn in revenue from sales of 30 EV models in 2025, or more than a fifth of total revenue of $225bn. By 2024 GM plans to make 400,000 EVs as it chases Tesla’s pole position as the top North American EV manufacturer.
GM’s profit margins on EVs will be in the low- to mid-single digits, executives said at an investor event on Thursday. Chief executive Mary Barra said EVs will be profitable without US consumer tax credits for the cars and trucks.