General Motors Co. CEO Mary Barra predicted on Thursday that the company's new electric vehicles (EVs) profits are set to equal that of their internal combustion engine counterparts by 2025, ahead of earlier expectations.
Barra attributed the jump in profits to the Inflation Reduction Act which offers a money-back incentive to companies that produce, as well as customers who buy EVs. Speaking at an investor day in New York, Barra hailed the regulation for heralding technology innovation and creating job opportunities. "It will be good for the American economy. It’ll be good for American families. It’ll be good for the environment, and frankly, General Motors is well poised," the CEO stated.
Her comments come as the company reported a third-quarter rise in revenue of 56% year-over-year in October, with Barra writing in a letter to shareholders that record sales of the Chevrolet Bolt EV and Bolt EUV lead the earnings, pocketing over 8% of the United States EV market.
