GM’s Profits from fuel-engine trucks and SUVs to fuel the Electric quest

The GM is one of the biggest car makers of all time. Sources have it that the company earned over $6 billion in 2020, which will be put in their electrifying move. Despite the COVID-19 pandemic, which left automakers crippled, GM was still able to record high purchases. The profit totals were higher than some account readings in other years despite the tough times.

The automaker recently went public with an ambitious plan to electrify most of their vehicles in fifteen years. Many people have reacted to this pledge and are looking forward to what the company has up its sleeve. From the company’s recent announcement, it is no secret that they will need every penny to stick to this plan.

GM has set a target for a short-term plan to launch thirty new electric vehicles in the next four years. If everything goes as planned, GM hopes to make at least a million sales each year in the USA. In addition to that, the management team hopes to make at least a million sales in China by 2025. This time is crucial since, despite the rising demand for electric cars, their percentage on the road is 4%. Experts have concluded that the move to electric vehicles will happen. However, details on the time it will take are still data that we are missing.

The budget is also tricky and challenging despite how necessary it is to record positive results. GM has a budget of $27 billion to use on electric cars by 2025. As of this year, the price tag is $7 billion. For a successful calculation of such a considerable amount, the company plans to squeeze a lot of profit from sports cars, trucks, and pickups. In conclusion, the gas engine cars present today will finance the future of GM electric cars.

The chief executive of GM, Mary Barra, spoke of its potential in the auto motors business. And the importance of investing in the industry during this critical time. Last year, the company’s profit ran up to $6.4 billion following the crisis brought about by the pandemic almost half of the year.

GM’s first electric vehicles will be launched in the market next week. Experts claim that the future of GM on this path is bright. However, the adoption process of electric vehicles is only beginning. And this fact can lead to the stagnancy of the company for a while. Also, there is a new problem regarding computer chips.

But, GM was quick to respond that the company’s issue of the chip causes problems for the manufacturing process. Also, Ms. Barra confirmed that the country was working hard to get all the necessary chips. Mary expressed her excitement to work with the government to achieve the net zero-emission project.

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