GM CEO Barra explains why EVs need range of 300+ miles

While electric vehicle demand may be swerving off course from US consumers, General Motors (GM) CEO Mary Barra assures that EV adoption continues to see an upside. Barra sits down with Yahoo Finance Executive Editor Brian Sozzi to discuss the auto maker's future EV models, noting that GM is working to address concerns that EVs may not "tick all the boxes" for car buyers at the moment.

This includes pricing and affordability for American consumers and worries about charging range anxiety. Barra explains GM is pushing for a charging range of over 300 miles for the brand's electric vehicles, which will improve as the charging infrastructure is slowly built out in the US.

Click here to watch the full interview with GM CEO Mary Barra or you can watch this full episode of Yahoo Finance Live here.

Video Transcript

BRIAN SOZZI: You-- I mean, GM, some of your competitors have put out some really good electric cars. Demand has seemed to slow down a little bit. Why do you think that's the case?

MARY BARRA: Well, I think demand-- the growth rate has slowed down, but-- but EV adoption is still growing. And so when you think about it though, a lot of the EVs that are out in the road today, they either don't tick all the boxes that a consumer is looking for. I think that's why I'm excited about the GM EVs that we have coming out, whether it's from Chevrolet, GMC, GMC Hummer, Cadillac. I'm very excited. And that's why I want to get them in volume to demonstrate that a customer doesn't have to give anything up when they-- when they buy an electric vehicle.

I also think affordability. And when you look at the Chevrolet Blazer EV, and the Chevrolet Equinox EV, as well as the Bolt that we're going to bring back on the Ultium platform that's been very successful, and customers love it. In 2025, I think we're going to really get at that affordability issue. And during this whole period, what we'll also see is continued expansion of the charging infrastructure. Those are what need to happen.

Because to get to, you know, growth beyond a million units, but two, three, four when you look at the SAR, you know, a 15 to 17 million SAR, you've got to reach that customer that only owns one vehicle. And they need it to do everything for them, and they need to count on it. And that's why all those elements are so important to get to widespread EV adoption. I think it's coming. We never thought it was going to be a straight line. It's going to have ups and downs. We've seen that in other markets that are ahead of the US in EV adoption. But it will come.

BRIAN SOZZI: When you talk to consumers, is the thing still holding them back on EVs, range anxiety?

MARY BARRA: Not so much. I mean, we-- the magic number is 300. When you get to 300 miles of range on a charge, that's when the consumer, you know, has confidence from a range perspective. They still want to know-- they don't want to have-- they don't want to replace that with charging anxiety. So they want to know when they get to a charger, it's going to be available, and it's going to work. And there's a tremendous amount of work going on on that as well. But-- and I think those are things that the consumer worries about. But that's why we've, you know, really worked hard to make sure that we have offerings above 300 miles-- 300 or above across the portfolio entries we have in EVs.