GM Won’t Hit 1 Million EV Target In 2025: ‘Market Not Developing’

General Motors, the American automaker, has announced that it will not be able to reach its target of selling 1 million electric vehicles (EVs) in 2025, citing a slower-than-expected market demand for battery-powered vehicles.

The news comes as a surprise to many industry analysts, who had been expecting GM to hit its target as part of its ambitious electrification strategy. The company had previously announced plans to offer a minimum of 20 new EVs by 2025, with a goal of achieving carbon neutrality by 2040.

In a statement, GM said that while the company is still committed to offering a range of electric vehicles, it has revised its sales projections downward due to a slower-than-expected market demand for EVs. The company cited a number of factors, including a lack of charging infrastructure, consumer uncertainty about the transition to EVs, and the high upfront cost of purchasing an EV.

“We are still committed to making EVs and making them available to customers, but we need to adjust our expectations based on the current market conditions,” said a GM spokesperson. “We are working hard to address the challenges and develop more affordable and accessible EVs, but we need to be realistic about the pace of the market.”

The news has sent shockwaves through the industry, with many analysts questioning whether other automakers will be able to hit their own EV targets. The electric vehicle market has been growing rapidly in recent years, but it still accounts for a small percentage of overall global sales.

Despite the setback, GM is still committed to offering a range of electric vehicles, including its popular Chevrolet Bolt, and is working to develop more affordable and accessible EVs. The company is also investing in its charging infrastructure, with plans to build out a network of fast-charging stations across the United States.

The news is a blow to the company’s efforts to redefine itself as a leader in the electric vehicle market, and may raise concerns about its ability to meet its ambitious goals. However, the company is adamant that it remains committed to its electrification strategy and is working to address the challenges of the market.

As the auto industry continues to evolve, it is clear that the road to electrification will be long and challenging. However, with many countries setting ambitious targets for reducing carbon emissions and phasing out internal combustion engines, the demand for electric vehicles is likely to continue to grow. For GM, the challenge will be to adapt to the changing market and find a way to meet its electrification goals while also delivering value to its customers.