GM's CFO Admits EVs Are Unprofitable
General Motors' Chief Financial Officer, Paul Jacobson, stated in a video interview with CNBC that battery electric vehicles are unprofitable.
EVs are unprofitable, future hopes for profitability were tied to an expansion of EV demand, and EV demand is now expected to evaporate.
In the interview, Jacobson discussed the company's EV business, including a $1.6 billion impairment charge. He also mentioned that the timeline for EV profitability has gotten longer and that EV demand is expected to fall starting in Q4.
- Battery electric vehicles are currently unprofitable.
- The timeline for EV profitability has been extended.
- EV demand is expected to decrease, rather than increase.
Author's summary: GM's CFO admits EVs are unprofitable and demand will fall.
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