GM Lowers EV Production Target for 2024 Amid Sluggish Demand Growth. Invests $850 Million in Cruise to Jumpstart Self-Driving Operations

GM is lowering its EV production target in 2024 due to slower-than-expected demand growth. The company still believes it can achieve "variable profit" for EVs at the low end of 200,000 production units, after selling around 9,500 EVs in May. Most analysts predict the EV market will be around 8% of total auto sales this year, lower than the 10% level previously expected. GM is investing $850 million in its self-driving subsidiary Cruise to help relaunch operations after pausing last year following a crash.