GM's CFO Admits EVs Are Unprofitable
GM's 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.
Jacobson also mentioned that the timeline for profitability has gotten longer and that EV demand is expected to fall starting in Q4.
- GM took a $1.6 billion impairment charge for its EV business.
- EV demand is expected to decline rather than grow.
Author's summary: GM's CFO admits EVs are unprofitable and demand will fall.
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