General Motors president Mark Reuss said the automaker isn't ready to abandon internal combustion engine vehicles as it transforms into an EV maker.
Sales of the profitable pickups and SUVs will support theis planning to spend on electric vehicles and autonomous driving technology through 2025.
"We’re positioned well, not only to fund our future, but to add growth to those big high volume, high profit segments," Ruess said. has made similar comments about his brand’s electrification strategy this year, and has gone as far as to spin off the automaker’s internal combustion business into separate division called Ford Blue.and Equinox EV compact SUV, along with establishing its own in-house battery production at four factories, starting with a new plant in Lordstown, Ohio, that is now coming online.
Reuss said those profits will start coming from the EV projects in 2025, and that the company’s plans do not even factor in the effects of the Inflation Reduction Act that restored its vehicles' eligibility for federal tax credits, which had expired under the old plan. Even then though, battery-powered vehicles will only account for about a third of GM’s sales in the U.S., and there is no firm timeline for when they will start outselling their ICE counterparts for good.
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