GM Overcomes Battery Production Challenges to Expand Electric Vehicle Lineup
General Motors (G.M.) is struggling to increase production of electric vehicles (EVs) due to slow battery production, hindering its efforts to catch up to Tesla in the rapidly growing EV market. G.M. built just 50,000 EVs in the first half of this year, with fewer than 2,800 using its new Ultium battery packs. The company had previously planned to make 400,000 EVs in North America from 2022 to 2024, and over one million in 2025, mostly utilizing Ultium technology. G.M.'s sluggish EV rollout has not impacted its profits, as it reported a $2.6 billion profit in Q2 2023, driven by strong sales of trucks and SUVs. However, investors are concerned about G.M.'s EV strategy and fear losing customers to competitors in the EV market.