General Motors CEO Mary Barra said the companyPromise of full electrification by 2035 depends on consumer acceptance. Recently, Barra said at a media event in Detroit that the companyThere are still plans to convert all cars to battery power by 2035.However, GM will remain flexible,GM could change strategy if consumers aren't ready for electric transition. "We will adjust based on customer needs. We will be customer-driven," Barra said.
General Motors and other automakers have slowed some investment in electric vehicles in the face of slowing sales growth. General Motors, for example, recently decided to delay by a year until the end of 2025 its plans to expand electric truck production capacity at a factory in suburban Detroit. Ford also said it would postpone about $12 billion in planned spending on electric vehicle production capacity, including plans to build a second battery factory at a new campus in Kentucky.
In addition, in October, battery manufacturer LG New Energy also warned that its revenue growth would slow down in 2024 as global economic uncertainty affects the sales prospects of electric vehicles.
According to research firm Kelley Blue Book, although electric vehicle sales are still growing, sales increased by only 6% sequentially in the third quarter after a 14% increase in the second quarter. Although sales of electric vehicles increased nearly 50% in the first nine months of this year compared with the same period last year, the growth rate is narrowing and more and more companies are launching competing models.