All electric cars are growing in popularity. However, it hasn’t been fast enough for automakers to gain significant profits from these more efficient vehicles. Because of this, some car companies have even abandoned plans to build more EVs. Now, the CEO of General Motors is saying the electric cars that fall under its umbrella will finally turn a profit. 

All-electric cars haven’t been profitable for most automakers

Like many mainstream automakers, General Motors has been making EVs for a while now. However, because of the cost of production and lower demand, most companies have not seen a profit from these environmentally friendly vehicles. In fact, most automakers have reported major losses. However, according to The Verge, Mary Barra, the CEO, says that GM will finally see the fruits of its labor. 

Recently, she spoke to the New York Times and stated that GM’s profits from all-electric cars were arriving as expected. Because of this, the automotive giant still plans to do away with internal combustion engine cars by 2035. Notably, GM has had this plan in the works since 2021 despite the controversy it has caused. Additionally, General Motors plans to be carbon neutral by 2040. 

As mentioned, there haven’t been profits yet because of the cost of building all-electric cars. However, the automaker also plans to make this process cheaper. In the future, GM will use cheaper battery options that won’t significantly impact range. Notably, Ford and Tesla already use similar batteries. 

Of course, it’s unclear how much of a profit GM will turn from its all-electric cars. However, readers should note that it has some of the most popular options, including the Chevrolet Blazer and Equinox EVs.