Mary Barra, General Motors’ CEO, has raised concerns about the growing competition from Chinese EV manufacturers, which she says is creating challenges for automakers worldwide.
In a report by Electrek on Thursday, Barra described this situation as “a race to the bottom,” acknowledging that U.S. automakers are not immune to these challenges.
As China rapidly expands its electric and hybrid vehicle market, many global automakers are grappling with financial losses. In response, key markets such as the U.S. and the European Union have increased tariffs on imports of Chinese EVs to protect their domestic industries.
GM has been feeling the impact on China’s EV market, where sales of electric vehicles and plug-in hybrids in China surpassed gasoline vehicle sales for the first time. Despite this market shift, GM’s sales in China have suffered a double-digit decline. However, Barra remains optimistic, stating that the company’s long-term investments are beginning to yield results.
In the third quarter of this year, GM’s EV sales in the U.S. surged by 60%, totaling 32,095 units sold. This suggests that GM’s electric vehicle lineup is growing faster than the market. Barra also predicts further growth as the availability of charging infrastructure improves in the U.S.
Barra stressed that GM must continue offering affordable options to stay competitive against low-cost Chinese vehicles.
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