GM electric vehicles still not profitable, company sees 'progress'
Auto expert Mike Caudill reacts to California’s controversial initiative of using electric cars as police vehicles during an appearance on ‘The Big Money Show.’
General Motors says its electric vehicles are still not profitable, but that the company is seeing "progress" in the industry.
"In the third quarter, we grew U.S. retail market share with above-average pricing, well-managed inventories and below-average incentives. In China, sales improved from the second quarter, and dealer inventory fell sharply. In addition, we remain on track to reach our 2024 EV production and profitability targets," the company wrote.
"This is a function of our investments in a dedicated EV platform, U.S. battery cell manufacturing and flexible assembly capacity. Most of our competitors lack these advantages. And no one can match the depth and breadth of our strategic EV portfolio," the statement continued.
Workers assemble vehicle doors at the General Motors assembly plant in Fort Wayne, Indiana, on Tuesday, April 9, 2024. (Emily Elconin/Bloomberg via Getty Images / Getty Images)
