GM and Ford Are Talking Less and Less About EVs
A financial analysis of quarterly earnings calls over the past seven years reveals that Detroit's biggest automakers are dialing back their electric vehicle rhetoric.
Stock photo for illustration only, not from the actual event
- GM and Ford are discussing electric vehicles at a lower rate than before the pandemic.
- Shifting political landscapes and tax policies have heavily influenced corporate strategies.
- Both automakers have altered or delayed several major EV manufacturing plans.
Just a few short years ago, General Motors and Ford were entirely invested in electric vehicles, pouring billions of dollars into their development. Today, however, America's two largest automakers are barely mentioning EVs during their investor earnings calls.
TechCrunch partnered with Hudson Labs, a New York-based financial research firm, to analyze seven years of quarterly earnings calls from GM and Ford, revealing a measurable decline in how often both companies discuss electric vehicles compared to pre-pandemic levels.
This shift comes as no surprise to industry observers who have tracked the sector over the past two years. Both companies have modified, delayed, or outright scrapped plans for upcoming electric vehicle models, resulting in workforce reductions and downsized factory footprints. Although GM and Ford still produce and sell EVs, their collective corporate focus has visibly drifted.
"Quality counts more than quantity."
Jim Cain, GM Spokesperson
Stock photo for illustration only, not from the actual event
Jim Cain, a spokesperson for GM, emphasized in an emailed statement that the company views EVs as the ultimate destination, highlighting portfolio strength, customer loyalty, award-winning technology, and ongoing investments in lithium manganese-rich (LMR) battery innovations to boost profitability.
The decline in EV discussions highlights the harsh economic realities, profitability hurdles, and regulatory shifts facing legacy automakers. With changing federal incentives and political shifts following Donald Trump's return to office—including the dismantling of the $7,500 federal EV tax credit—automakers have naturally shifted near-term capital and conversational focus back toward high-margin gas-powered trucks.
For this analysis, TechCrunch excluded Stellantis, the third member of Detroit's traditional Big Three, due to its distinct history following the 2021 merger and its previous practice of holding earnings calls only twice a year. Meanwhile, GM's historical push into mass-market EVs began well ahead of competitors with the introduction of the Bolt EV in 2016, though mentions peaked during the height of the EV investment boom from 2019 to 2021 before tapering off in recent quarters.
Source: TechCrunch
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