Despite the electric vehicle sector facing headwinds this year, and with other automakers deciding to scale back electric vehicle plans amid slowing consumer demand, General Motors (NYSE: GM) CEO Mary Barra remains firmly committed to an all-electric future.
“We will be selling more EVs in this country than anyone else, including Tesla,” Barra stated in an exclusive interview with Yahoo Finance Executive Editor Brian Sozzi at the carmaker’s technical campus in Michigan.
Barra has navigated GM through numerous challenges during her decade-long tenure as CEO. From inheriting a company emerging from bankruptcy and an ignition switch crisis, to now spearheading a profound technological shift, her leadership has been defined by an appetite for change and risk-taking.
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At the core of Barra’s vision is the Ultium battery platform, which will underpin a range of profitable electric vehicles tailored to customer demand. GM plans to have an all-EV lineup by 2035, phasing out internal combustion engines entirely. This audacious target faces skepticism from some investors who remain unconvinced about GM’s ability to execute this transformation profitably.
Despite recent setbacks with its Cruise autonomous driving unit, which is facing federal investigations and reduced spending, Barra doubled down on her ambitions for self-driving cars as part of a future with “zero crashes, zero emissions, and zero congestion.”
The CEO described 2024 as a “critical year” for delivering on GM’s EV and software goals. “This is a year of execution. And we need to demonstrate…I’m confident the team can do it, and I’m excited to show the world what we can do,” she said.
While investors remain cautious about GM’s moonshot EV targets, having priced the stock at a discount to peers like Tesla, Barra aims to prove her electrification strategy can create long-term shareholder value.
Information for this story was found via Yahoo Finance, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
