In a similar vein to counterpart ‘Big Three’ US automaker Ford, General Motors has faced notable setbacks from its electric vehicle (EV) ventures thus far. Despite a reduction—from US$3.3bn in 2022 to US$2.5bn in 2023—Chief Executive Mary Barra underscored during GM’s 2024 Annual Shareholders Meeting (ASM) that expanding EVs “profitably” stands as one of the ongoing commitments of the company.
The path GM chooses for its EV sector proves to be a focal point for the shareholders themselves: out of the seven propositions disclosed during the event on 4th June, four were related to EVs in some form. Three demanded specific reports on components of the supply chain (exploitation of children, mining of deep-sea minerals, and threats to sustainability), while one even proposed for EV-oriented objectives to be excluded from executive incentive schemes.
All four were ultimately opposed, with the latter attaining a mere 1% backing from shareholders. EVs continue to be a crucial element of GM’s strategic blueprint for the future, yet not at the exclusion of internal combustion engine (ICE) vehicles. Barra portrayed the retention of ICE, particularly the choice to halt its phasing out from the Cadillac brand by 2030, as an act of “keeping a customer-centric approach during the transition”. However, do the actions of the company reflect this assertion?
