General Motors (GM) has announced a slowdown in its electric vehicle (EV) plans, despite posting strong financial results for Q2 2024. The company reported a 60% jump in profit and record Q2 revenue of nearly $48 billion, but still faces challenges in its EV strategy.

With delays and adjustments in its ambitious electrification goals, CEO Mary Barra revealed that GM is pushing back the opening of its Orion Assembly plant, which will produce the Chevrolet Silverado EV by mid-2026. As a result, this marks the second delay for the plant, originally scheduled to start production in late 2024. The postponement means GM will not achieve its target of having a North American EV production capacity of 1 million units by 2025.

In addition, GM has delayed the launch of Buick’s first EV, previously projected in 2024 without providing a new timeline. This decision raises questions about Buick’s goal of becoming a fully electric brand by 2030 and GM’s broader plan to offer only buyers EVs by 2035.

Despite these setbacks, GM reported deliveries of nearly 22,000 units in Q2, a 34% increase from Q1 and a new Q2 record. Notably, the Chevrolet Equinox EV saw over 1,000 deliveries since its May launch. Furthermore, GM is moving forward with plans to introduce new EV models including the GMC Sierra EV and several Cadillac EVs.

Read More: GM Sets Record EV Sales In Q2 2024 As New Models Gain Traction

GM CFO Paul Jacobson stated that the company is on track to produce between 200,000 and 250,000 EVs in North America this year. He reaffirmed GM’s expectation that its EVs will be profitable on a production basis once output reaches 200,000 units by Q4.

However, GM is facing challenges in the Chinese market, where it reported a $104 million loss due to intense EV competition and market share erosion. In response, the company is taking steps to cut down inventories and align production with demand in the country.

As GM navigates these challenges, it remains determined to introduce a next-generation Chevrolet Bolt EV in 2025, which it claims will be the most affordable EV on the market. While GM maintains its long-term goal of electrification, these recent adjustments highlighting the complexities and uncertainties in the EV market will be determinant in the company’s EV growth.

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