General Motors says it will generate more revenue from electric vehicles in 2025 than crosstown rival Ford Motor Co. brought in from its F-Series pickup line last year.
More importantly, those EVs will be "solidly profitable" by then, GM says, with margins nearly matching those of its internal combustion vehicles. And it plans to build a lot of EVs — 1 million a year at five North American assembly plants, a pace that will require at least three U.S. battery plants to build a total of 1.2 million cells a day.
GM is projecting low- to mid-single-digit margins on EVs by mid-decade, when emissions credits and software and aftersales revenue are included. It expects to generate more than $50 billion in revenue from EVs and $225 billion in total revenue in 2025.
That compares with global revenue of $127 billion for GM in 2021. Ford has said it generated nearly $40 billion from selling about 850,000 F-Series in North America last year.<…