GM CEO is ‘disappointed’ in EV production, says affordable models will drive adoption
General Motors (GM) CEO Mary Barra said she is disappointed in EV production this year due to constraints. Meanwhile, GM’s leader believes new, affordable EVs like the Equinox and Bolt will help drive adoption.
After announcing a historic $10 billion buyback plan, GM’s stock is soaring on Wednesday. The company also revealed it would boost dividends by 33% and slash spending on Cruise.
The company’s biggest buyback plan comes after signing a new labor contract costing $9.3 billion through 2028.
GM’s new contract includes 25% wage increases, increased retirement and healthcare, a signing bonus, and paid leave. Barra said in an interview with Bloomberg that she is confident GM will be able to offset it “completely” with the plan in place.
With labor contracts taken care of, Barra said GM must remain balanced across stakeholders, stressing owners are also important.
The automaker reinstated full-year guidance with $9.1 – $9.7 billion expected in net income, compared to the previous $9.3 – $10.7 billion. Capital spending is expected at the low end of prior guidance with around $11 – $11.5 billion.
Barra said the company’s liquidity is “at record levels.” GM’s stock is up 10% following the news Wednesday.
Barra says affordable EVs will drive adoption
“Although I am disappointed with our Ultium-based EV production in 2023,” Barra said that GM has made “substantial improvements.”
GM expects significantly higher Ultium EV production in 2024. Barra explained the company was constrained by the automation to build modules. She stressed it was not an Ultium issue but rather a manufacturing hurdle.
GM is working through it and making improvements each quarter. The company expects to overcome it in the middle of next year. In the third quarter, GM delivered 4,222 Ultium-based EVs, compared to 15,835 Bolt EV/EUV models.
It’s still not a lot, but it’s over 200% more than the 1,395 delivered in Q2. Although GM “never saw EV adoption as a straight line,” Barra explained, the market is still growing. Barra believes new products, like the Blazer EV, and more access to charging will help drive EV adoption.
More importantly, affordable GM EV models like the upcoming electric Chevy Equinox and next-gen Bolt will be key in gaining market share.
Electrek’s Take
Despite headlines claiming automakers overestimated with EVs, the market is just going through a transition.
The EV market is still growing and expected to accelerate. As GM’s Barra explained, the key to this will be affordable EV models. Charging infrastructure is rolling out, and cheaper models that will drive adoption are coming.
Meanwhile, GM is pushing back the production of key models, including the Equinox, Silverado RST, and GMC Sierra Denali EVs.
I understand pleasing stakeholders, but if GM were really “all in” on EVs, it would show investors by doubling down to get these affordable models on the market.
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First Solar just cut the ribbon on a huge new factory in Iberia Parish, Louisiana, and it dwarfs the New Orleans Superdome. The company’s $1.1 billion, fully vertically integrated facility spans 2.4 million square feet, or about 11 times the size of the stadium’s main arena.
The factory began production quietly in July, a few months ahead of schedule, and employs more than 700 people. First Solar expects that number to hit 826 by the end of the year. Once it’s fully online, the site will add 3.5 GW of annual manufacturing capacity. That brings the company’s total US footprint to 14 GW in 2026 and 17.7 GW in 2027, when its newly announced South Carolina plant is anticipated to come online.
The Louisiana plant produces First Solar’s Series 7 modules using US-made materials — glass from Illinois and Ohio, and steel from Mississippi, which is fabricated into backrails in Louisiana.
The new factory leans heavily on AI, from computer vision that spots defects on the line to deep learning tools that help technicians make real‑time adjustments.
Louisiana Governor Jeff Landry says the investment is already a win for the region, bringing in “hundreds of good-paying jobs and new opportunities for Louisiana workers and businesses.” A new economic impact analysis from the University of Louisiana at Lafayette projects that the factory will boost Iberia Parish’s GDP by 4.4% in its first full year at capacity. The average manufacturing compensation package comes in at around $90,000, more than triple the parish’s per capita income.
First Solar CEO Mark Widmar framed the new facility as a major step for US clean energy manufacturing: “By competitively producing energy technology in America with American materials, while creating American jobs, we’re demonstrating that US reindustrialization isn’t just a thesis, it’s an operating reality.”
This site joins what’s already the largest solar manufacturing and R&D footprint in the Western Hemisphere: three factories in Ohio, one in Alabama, and R&D centers in Ohio and California. Just last week, First Solar announced a new production line in Gaffney, South Carolina, to onshore more Series 6 module work. By the end of 2026, the company expects to directly employ more than 5,500 people across the US.
Read more: First Solar pours $330M into a new South Carolina solar factory
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No, it’s not the new Bolt. GM’s design team previewed a new high-riding “sporty Chevrolet EV” that should be brought to life.
Is Chevy launching a new sporty EV?
This is the all-electric vehicle Chevy should sell in the US. General Motors’ design team released a series of sketches previewing a sporty new Chevy EV.
Although it kinda looks like the new 2027 Chevy Bolt EV as a higher-sitting compact crossover SUV, the design offers a fresh take on what it should have looked like.
The new Bolt is essentially a modernized version of the outgoing EUV model with a similar compact crossover silhouette. Nissan adopted a similar style with the new 2026 LEAF as buyers continue shifting from smaller sedans and hatchbacks to crossovers and SUVs.
Will we see the sporty Chevy EV in real life? It’s not likely. For one, the “exploration sketch” is by GM China Advanced designer Charles Huang.
GM Design posted the sketches on its global social media page, but the caption read “Sporty Chevrolet EV for the China Market.”
It’s too bad. The Bolt could use a sporty sibling like an SS variant. Chevy introduced the Blazer EV SS (check out our review) for the 2026 model year, its fastest “SS” model yet. Packing up to 615 horsepower and 650 lb-ft of torque, the Chevy Blazer SS can race from 0 to 60 mph in 3.4 seconds when using Wide Open Watts (WOW) mode.
Will the Bolt be next? I wouldn’t get my hopes up. And if GM does bring the sporty Chevy EV to life, it will likely only be sold in China. Like all the fun cars these days.
What do you think of the design? Would you buy one of these in the US? Let us know your thoughts in the comments.
While deliveries of the 2027 Bolt are set to begin in early 2026, Chevy is offering some sweet deals on its current EV lineup, including up to $4,000 off in Customer Cash and 0% APR financing for 60 months.
Ready to test drive one? You can use our links below to find Chevy Equinox, Blazer, and Silverado EVs at a dealership near you.
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Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss electricity becoming the base currency, Tesla Robotaxi crashes, the new Porsche Cayenne EV, and more.
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