U.S. auto giant General Motors (GM) is expected to hit 5 million in cumulative electric vehicle sales by 2030, according to new research from Wood Mackenzie.
Most of those sales will be in North America and China where GM does most of its business, Kallanish Energy reports.
It also has a strong business in South America.
GM sold its European brands in 2017 and exited that market, the research firm said.
The European Union is the second-largest EV market in the world, representing 25% of global EV sales by 2026, WoodMac reported.
Without sales in Europe, GM would need to win 30% of the U.S. market and 16% of the Chinese market to achieve its target of 1 million annual EV sales by 2026, the report said.
It currently has 4.5% and 6.7%, respectively, it said.
Also, about 17% of GM’s current sales are pickup trucks, a segment not expected to electrify as quickly as passenger cars, it said.
GM’s target would entail the company capturing 12% of the global EV market by 2026, and that will be challenging especially with its absence from Europe, it said.
The company has moved from plug-in hybrids to battery electric vehicles, it said.
The company has agreed to a joint venture with LG Chem for a battery manufacturing plant in the United States. Each company will contribute half of the $2.3 billion investment for the plant.
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