Leading US Automakers Talk Less About EVs

A dramatic shift is underway in the automotive industry. General Motors and Ford, which previously channeled enormous investments into electric vehicles (EVs), are now paying less attention to this topic in meetings with investors than before. According to analytical data published by ixbt.com and TechCrunch, these two major American auto giants have discussed EV prospects less in quarterly earnings calls over the past seven years compared to the pre-pandemic period. This is reported by Techcrunch.com reports .

This change comes as no surprise to those who have followed the news over the past two years. Companies have modified, delayed, or completely canceled plans to launch new electric models. As a result, plant plans have been scaled back and layoffs have been observed. Nevertheless, GM and Ford are still continuing EV sales and have future product lineups, but their overall strategic shift is clearly reflected in financial data.

Financial Analysis Results and AI

New York-based financial research firm Hudson Labs analyzed transcripts of financial reports published since 2019 from the S&P Market Intelligence database. Using the Co-Analyst AI tool created for high-precision financial research, every sentence was analyzed by topic. As a result, the share of each topic in discussions and the frequency of mention in meetings were determined.

Stellantis, one of Detroit's big three automakers, was left out of this analysis. Formed in 2021 through the merger of Fiat Chrysler and France's PSA Group, this automotive concern traditionally lagged behind its US competitors in the pace of transition to EVs. Moreover, until the first quarter of this year, Stellantis held comprehensive earnings calls only twice a year rather than four times a year like most public companies.

New Priorities for Automakers

According to an analytical statement by General Motors representative Jim Cain, "quality matters more than quantity" right now. He emphasized that the company constantly reiterates that EVs are the primary future goal, and that customer loyalty and market share are growing. At the same time, meetings also allocate sufficient time to growth opportunities such as software, services, autonomous technologies, as well as complex topics like sales, regulatory policy, and operational metrics.

Ford representative David Tovar mentioned the new "Universal Electric Vehicle" platform scheduled to launch next year. In his opinion, the first product coming off the assembly line — a mid-size pickup truck — will hit the sweet spot of the EV market in terms of price, value, and technology.

For context, General Motors was one of the first to bet on mass-market EVs compared to many other major auto concerns in its time. The company presented the Bolt EV model at the Consumer Electronics Show in January 2016 and brought it to market about six months before Tesla began deliveries of its Model 3.