Strong third-quarter earnings help bolster aggressive EV goals.
General Motors has secured enough electric-vehicle battery materials to meet requirements under the federal Inflation Reduction Act for many of its EVs to qualify for the coming $7500 tax credit, CEO Mary Barra told analysts.
The automaker will boost Chevy Bolt EV/EUV production to 70,000-unit in 2023 in response to growing EV demand, up from a 44,000-unit target this year. Barra also touched on several pieces of truck news, including the continued success of combined Chevy Silverado/GMC Sierra heavy-duty truck sales; the pair hold 51.8% percent of retail market share.
With a strong third quarter in which General Motors posted net income of $4.3 billion before income taxes, the slimmed-down automotive giant to help meet burgeoning demand for electric vehicles. CEO Mary Barra also told Wall Street analysts Tuesday in GM’s third-quarter earnings call that the automaker has secured sufficient battery raw materials to meet new federal guidelines under the Inflation Reduction Act for a $7500 electric vehicle tax credit on many of its future high-volume models.
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