General Motors to introduce three new models in 2023, sell 150,000 electric cars and make $13bn profit

General Motors has reported its first quarter successes for 2023 and has talked a little about its plans for the future. They consist of a significant increase in deliveries and the launch of three new electric cars.

Here's What We Know

Let's start with the fact that GM was able to release more than 20,000 electric vehicles in the first quarter. Interestingly, the lion's share (19,700 units) came from the Chevrolet Bolt EV and EUV, which will end production at the end of this year.

Sales of crossovers Cadillac Lyriq amounted to 968 units, and Hummer EV - "even" two units. Separately, it is worth noting that due to low production volumes, the electric cars are available in the aftermarket at a price three times higher than the manufacturer's recommendation.

GM will launch three new models this year. For example, corporate customers will start getting Chevrolet Silverado EV pickups by the end of June, while the Chevrolet Blazer EV and Chevrolet Equinox EV will arrive in the third quarter. The latter model will become the company's cheapest electric vehicle (from $30,000) after discontinuing the Chevrolet Bolt EV and EUV (from $26,500).

GM generated $40 billion in revenue in the reporting period, with revenue up 11% compared to the first quarter of 2022. Net income was $2.4 billion and the company expects to generate $13 billion in profits by the end of 2023. As for sales, GM intends to sell 50,000 electric cars by the end of the first half of the year and the company wants to sell twice as many cars in the second half of the year.

Source: electrek