GMC Hummer EV (Source: GM) Production at Factory Zero in Michigan, with deliveries starting at the end of 2021.

 GM, which was quick to announce a bold strategic shift to electrification, has announced a policy of completely converting new products to EVs by 2035, and is aiming for a significant increase in sales as a result. However, looking at U.S. sales actuals (2021), GM continues to rely on pickup trucks, which account for about 40% of sales, while the proportion of EVs remains at 1.1%. Furthermore, the gap with the target is still large, as its market share has receded to 14.3%, largely due to the shortage of semiconductors, and Toyota has taken over the top position in U.S. sales.

 In global sales, as a result of the company's withdrawal from unprofitable markets, the proportion of sales in its two largest markets, China and North America, has increased to about 87% (in 2021). In particular, there has been a striking shift to China in terms of sales volume (46% of global sales), and it is pointed out that future management risks will be due to its dependence on the Chinese market, which is centered on joint ventures.

 Conversely, recent business results show that the narrowing down of the types of vehicles sold and the markets in which they are sold has resulted in improved profitability, and it remains to be seen whether this, together with the EV products and new technologies that will be introduced in earnest in the second half of this year and beyond, will lead to progress in GM's ambitious plans.

 This report as Part 2 of the GM report, summarizes recent developments surrounding GM's EV development and related investments, as well as the status of global sales. It presents sales trends and corporate performance in the U.S. and global markets, and also includes LMC Automotive's sales forecast.

Related reports: 
GM (1): Accelerating its Electrification Strategy to become the EV Leader in the U.S. (Jun. 2022)
WCX 2022 (2) Electrification development speed creates concerns in maintaining pace (May. 2022)
CES 2022: Major OEMs accelerate electric vehicle push (Feb. 2022)
U.S. battery electric vehicle strategies for GM, Ford and Stellantis (Dec. 2021)
Motor Bella 2021: OEMs expand EV model lineup in response to market demand (Nov. 2021)
GM: Introducing 30 BEV models by 2025, next-gen Ultium battery will cost 60% less (Mar. 2021)