General Motors is reworking its EV strategy in North America and is pulling back from efforts to challenge Tesla's lead in the US electric vehicle segment amid slowing EV sales growth, rising labor costs, and a bleak economic outlook.
The company said during today's Q3 2023 earnings call that it is also abandoning a goal to build 400,000 electric vehicles from 2022 through mid-2024.
GM CEO Mary Barra had reiterated that target in July, but that was before the UAW strikes began consuming cash – the automaker estimates the strikes have cost it $800 million so far and the costs increase by $200 million for every week the strikes continue.
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