General Motors said Wednesday that its financial losses from making electric vehicles will peak this year and then subside as the automaker brings battery factories online and grows EV sales with new models.
The company also plans to overcome the technology limits of a low-cost battery chemistry known as lithium-iron phosphate (LFP) by manufacturing pickup trucks with a high driving range.
GM’s news comes as traditional automakers face losses in their EV businesses. They are spending heavily to bring electric vehicle and battery factories online, but are selling a paltry number of EVs compared with traditional vehicles.
Earlier this month, GM announced it sold more than 32,000 EVs in the third quarter, a 46 percent increase from the prior quarter. The increase caused it to unseat Hyundai Motor Co. as the second-biggest EV producer in the country. Both automakers are still far behind market leader Tesla Inc.
