Surveillance Special: GM CEO Mary Barra on Hybrids, EV Adoption
Jan 30, 2024
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Mary Barra, GM CEO, discusses the slowdown in EV adoption and the launch of plug-in hybrids. The factors contributing to the slowdown and the shift towards hybrids are explored, along with the challenges in competing with domestic EV companies in China. The speaker also discusses the competition in the automotive industry and GM's plans for electric vehicles and autonomous technology.
General Motors plans to introduce more Altium-based EV models in 2024, including the Cadillac Lyric, GMC Hummer EV, Silverado EV work truck, Chevy Equinox EV, and Sierra EV.
GM CEO Mary Barra emphasizes the importance of building a charging infrastructure and adapting to the changing Chinese EV market to compete globally.
Deep dives
Strong EV Sales and Plans for Expansion in 2024
General Motors (GM) Chair and CEO, Mary Barra, discusses the strong 2023 results for the company, attributing it to robust internal combustion engine (ICE) and electric vehicle (EV) sales. Barra highlights GM's plans for further expansion in 2024, with the introduction of more Altium-based EVs such as the Cadillac Lyric, GMC Hummer EV, Silverado EV work truck, Chevy Equinox EV, and Sierra EV. Barra also expresses optimism about the EV market's growth and emphasizes the importance of building a charging infrastructure to support EV adoption.
Consideration of Hybrids as an Interim Step
Barra addresses the issue of EV growth slowdown and explains that while GM remains committed to EVs, they are also considering the introduction of hybrids due to some customers' preference for vehicles with both electric and ICE propulsion systems. Barra mentions the importance of a robust charging infrastructure and changing regulatory environment as factors influencing the timing of hybrid vehicle releases. She clarifies that GM's focus in 2024 will primarily be on EV production.
Competition in China and Importance of Level Playing Field
Barra acknowledges the changing and competitive nature of the Chinese EV market, emphasizing that GM is evaluating and adapting its business strategies to meet the challenges posed by domestic EV competitors. She highlights the need for a level playing field and asserts that GM's strong portfolio, along with cost-effectiveness and capital efficiency, position them well to compete globally. Barra also addresses concerns about investor patience, assuring that GM is addressing previous disappointments in the EV segment and will demonstrate breakthroughs with Altium-based EVs and autonomous technology.
General Motors Co. CEO Mary Barra discusses a slowdown in electric vehicle adoption and the launch of plug-in hybrid models in their North America line-up. She speaks to Bloomberg’s Jonathan Ferro.