GM cuts its 2024 electric vehicle sales forecast as demand is slower than expected

GM's 2024 Chevrolet Equinox EV during a media launch event for the vehicle in Detroit, May 16, 2024.

Michael Wayland/CNBC

DETROIT – General engines cuts expected sales of all-electric vehicles this year as electric vehicle adoption in the U.S. is slower than expected.

GM Chief Financial Officer Paul Jacobson said the company now expects production of 200,000 to 250,000 electric vehicles this year, up from a previously announced range of 200,000 to 300,000. The company continues to say it will produce based on demand, which is growing but lower than many expected.

“So on the downside, and I think that reflects the momentum that we have in the sector,” Jacobson said at a Deutsche Bank investor event on Tuesday.

Jacobson said the company expects U.S. EV sales to be about 8% of the industry. That's lower than many others, with sales expected to be around 10% of industry sales by 2024.

GM still expects its EVs to be variable profit positive with 200,000 units. He said this is still expected to happen in the second half of the year, in the fourth quarter.

CORRECTION: GM is lowering its EV production target to 200,000 to 250,000 vehicles by 2024. An earlier version of this article misstated that range.

This is the latest news. Please check back later for additional updates.

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