GM expects to earn low to mid-single-digit adjusted profit margins on its EV portfolio in 2025, excluding any positive impact of clean energy tax credits such as those included in the Inflation Reduction Act. "We'll need this capacity because our trucks more than measure up to our customers' expectation, and we'll demonstrate that work and EV range are not mutually exclusive terms for Chevrolet and GMC trucks," Barra said Tuesday. Plus, the Bolt doesn't contribute to the company's bottom line like plants that produce money-making gas-powered vehicles.īarra on Tuesday said once the Orion plant reopens next year, the company will have a total production capacity of 600,000 EV pickups annually, including a Detroit plant that's been slow to ramp up production of the GMC Hummer EVs.
But in the case of the Orion plant, which solely manufactures the Bolt, it didn't make sense to take that tack, because GM believes it needs the additional capacity. GM has said retooling saves time and capital, and it's also allowed the company the flexibility to partially convert plants and build different gas-powered models in tandem. Others such as Ford Motor and Hyundai Motor have announced new plants in addition to retooling current facilities. It's part of GM's EV strategy to retool existing plants rather than building new ones, although it could do so in the future. Personal Loans for 670 Credit Score or LowerĪ company spokesman said the timing of the announcement coincided with GM's need to notify suppliers about the end of production and about progress associated with the $4 billion the company is spending to retool the Bolt plant in Orion Township, Michigan, for the GMC Sierra and Chevrolet Silverado electric pickup trucks. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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