GM’s recent profit forecast this year has disappointed many analysts. However, the CEO Mary Barra went ahead and started talking about GM’s focus on electric vehicles. Yet, after the announcement the shares sink by 5.3%. The disappointment continued as the profit and revenue of the company were impacted by a fewer number of shipments to the dealers.
Furthermore, Barra talked about GM’s electric vehicle line-up expansion. With GMC Hummer, Chevrolet Bolt, and Cadillac Lyriq the company plans to boost sales and profits. It is known that they plan to have 30 EV models by 2025. General Motors has the capability of going big as many brands are under its umbrella. However, it is unclear if the company will be able to keep up with the semi-conductor chip shortage. Borra said, “I am very comfortable because when people get into these vehicles, they are just wowed. So we will be rolling them out, and we’re going to just keep working until we have number one market share in EVs.”
This year Tesla roughly own a 51% market share in the EV industry in the United States. Earlier it was 79% or more as fewer companies were in the market. Considering the chip shortages affecting almost every company, Tesla’s share market is considered a challenging one. Yet, General Motors plans to dominate the industry.