GM reported its Q3 2022 results this week, with headlines including net income of $3.3 billion and $41.9 billion in revenue. GM CEO Mary Barra took a call with analysts on Tuesday to discuss the results, during which Barra indicated that the automaker was pushing back its EV production target of 400,000 units to the 2024 calendar year.
Previously, during the Q4 2021 earnings call held earlier this year, Barra said that GM aims to produce 400,000 fully electric vehicles by the end of 2023. Now, however, Barra says that the 400,000-unit EV production target has been pushed back six months to early 2024. According to Reuters, the slower EV production ramp-up was attributed to a “slightly slower launch” of battery and cell production.
GM’s all-electric vehicle aspirations hinge on the rapid expansion of the automaker’s battery cell production capabilities. GM is now building multiple battery cell production facilities in the U.S. under Ultium Cells LLC, a joint venture partnership between GM and Korean supplier LG Energy Solution. Early last month, GM celebrated the production start at the new Ultium Cells battery plant in Warren, Ohio, which will help to ramp up battery production to power new units of the GMC Hummer EV, Cadillac Lyriq luxury crossover, and BrightDrop Zevo 600 all-electric commercial delivery van.
In addition to the recently opened plant in Ohio, new battery production facilities are also under construction in Michigan and Tennessee, with a fourth planned for the near future.
Meanwhile, production of the GMC Hummer EV and Cadillac Lyriq increased sharply in September, with 750 units of the GMC Hummer EV produced at the GM Factory Zero plant in Michigan, and 1,000 units of the Cadillac Lyriq produced at the GM Spring Hill plant in Tennessee. The September production figures represent roughly 30 percent of all GMC Hummer EV production thus far, and roughly 58 percent of all Cadillac Lyriq production thus far.
Looking ahead, GM hopes to launch 30 new EV models globally by mid-decade.