Mary Barra highlighted the intense competition in the EV sector, stating, 'It has become a race to the bottom with pricing and the level of subsidies.' This reflects the challenges faced by automakers amidst numerous low-cost entries from Chinese firms.
Barra noted that while tariffs have been imposed on Chinese EVs by several countries, her belief in free trade complicates the situation, especially with respect to competing on quality and value.
Despite a significant decline in GM's third-quarter deliveries in China, Barra expressed optimism about the future of EVs, emphasizing that improvements in affordability and charging infrastructure will encourage broader adoption.
Barra indicated that GM's extensive investments in EV technology are beginning to bear fruit, with 'new energy vehicles' surpassing traditional internal-combustion vehicle sales for the first time in China.
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