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GM Delays Production of Electric Vehicles to Protect Pricing

GM 2023

General Motors (GM) recently announced a delay in the production of its electric vehicles, including the Equinox EV, Silverado EV, and GMC Sierra EV. The decision comes as GM seeks to “protect” its pricing strategy while adapting to evolving electric vehicle (EV) demand. The company did not specify a precise timeline for when production would resume but indicated that the delay would be for “a few months.”

GM’s CEO, Mary Barra, explained that the company is moderating the acceleration of EV production in North America to align with slower near-term growth in demand. Simultaneously, GM is working on engineering improvements to make its EVs more cost-effective and profitable in the long run. This approach aims to maintain pricing while enhancing the overall value of its electric vehicles.

The United Auto Workers strike, which began in September, has introduced uncertainty regarding labor costs and may have contributed to GM’s production adjustments. GM has also withdrawn its full-year financial guidance, pending the signing of new union contracts.

GM’s decision to delay EV production underscores the complexities of balancing demand, pricing, and production efficiency in the rapidly evolving electric vehicle market.

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