Is General Motors Company (NYSE:GM) backtracking from its production target of 1 million electric vehicles in North America by the end of 2025?
Based on CEO Mary Barra's comments, the answer to the above is a resounding 'yes'.
Barra indicated that GM will not meet this production capacity target due to slower-than-expected market demand.
Speaking at a virtual CNBC CEO Council event, she stated: "We won’t get to a million just because the market is not developing, but it will get there. We’re going to be guided by the customer."
A GM spokesman later clarified that Barra's comments were about production capacity, not actual production numbers.
The company will no longer reiterate its 2025 EV production capacity plans, emphasizing flexibility to meet demand.