General Motors is selling its stake on a battery plant in Michigan as U.S. automakers continue to scale back plans for their electric vehicle fleets.
General Motors is selling its stake on a battery plant in Michigan as U.S. automakers continue to scale back plans for their electric vehicle fleets due to lackluster sales and uncertainty about what is to come for government incentives with President-elect Donald Trump coming into office.
“We’re focused on optimizing our battery technology by developing the right battery chemistries and form factors to improve E.V. performance, enhance safety and reduce costs,” Kurt Kelty, GM’s vice president of battery cell and pack, said in a statement on Monday. The market for electric vehicles has grown but sales have slowed despite generous government subsidies for manufacturers and a tax incentive for consumers. According to the International Energy Agency, pure electric vehicles accounted for 8% of overall vehicle sales in the U.S. in October.
“If you take a $7,500 incentive away, people's purchasing intent is decreased, no doubt about it. But the nuance is which market segment will be affected more,” Ren said. “Tesla consumers are not that price sensitive But I think it would affect different manufacturers differently.”
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