by Wolf Richter
Wolf Street
It’s a zero-sum game that’s eating up a huge amount of cash. But Electric Utilities are loving it.
In the press release for its investor conference today, GM said that it plans to double its annual revenues by the end of the decade as it transitions to EVs. In terms of the math, 8% in price increases a year for nine years would do that without having to jump through the hoops of selling more vehicles. GM’s average transaction price in Q3 in the US jumped by 20% year-over-year. So… I don’t see this statement as sign of an increase in volume, but an increase in prices.