THE EV BUBBLE IS DEFLATING: GM trims 2024 EV forecast amid slower-than-expected demand.

GM Chief Financial Officer Paul Jacobson said the company now expects production of its all-electric vehicles to range from 200,000 to 250,000 this year, down from a previously announced range of 200,000 to 300,000. The company has recently said it will produce volume to match demand, which is growing more slowly than had been forecast.

“So at the lower end of that, and I think it reflects the momentum that we have in the business,” Jacobson said Tuesday during a Deutsche Bank investor event.

Jacobson said GM expects EVs to make up 8% of U.S. sales industrywide this year. That’s lower than many other auto analyst forecasts, which expect EVs to represent around 10% of industry sales in 2024.

GM expects its EVs to be profitable on a production, or contribution-margin basis, once it reaches production of 200,000 units. That milestone is still expected in the fourth quarter of this year, he said.

I’m curious to know how much money GM will lose on EVs before they hit that milestone.