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GM Could Miss EV Build Target

May 18, Reuters reported that General Motors has said it will have the capacity to build 1 million electric vehicles in North America by 2025, but a slow ramp-up of its three U.S. battery plants could limit actual EV production to less than 600,000 at mid-decade, according to a forecast and analysis prepared for Reuters.

Building more than half a million EVs in North America in 2025 “will be difficult, based on (GM’s) planned battery production” at plants in Ohio, Tennessee and Michigan, according to Sam Fiorani, head of global vehicle forecasting at Pennsylvania-based AutoForecast Solutions (AFS), a widely consulted industry research and analytics firm.

Despite GM’s ambitious projections for EV production in the latter half of the decade, “accessing the components and materials necessary for that growth will become increasingly difficult,” according to the forecast house.

AFS now expects GM to build around 76,000 EVs this year in North America and 328,000 in 2024.

GM's Chevrolet brand plans to launch several new electric vehicles this year, including Equinox and Blazer EVs and a Silverado EV pickup. Its Bolt EV and Bolt EUV will end production later this year.

GM still has not fully ramped up production of the Cadillac Lyriq and GMC Hummer EV. It delivered just 968 Lyriqs and only two Hummer pickups in the first quarter.

Reporting by Paul Lienert in Detroit Editing by Nick Zieminski
The Thomson Reuters Trust Principles.