Part 2/13:
However, the reality of the market has been harsher than GM anticipated. Despite the lofty promises, GM's progress has been sluggish. In 2023, GM pledged to deliver 400,000 EVs but managed to ship only 76,000. Ultium-based vehicles accounted for a mere half a percent of total sales, and projects like the Bright Drop electric van, aimed at revolutionizing last-mile delivery, sold only about 250 units. Meanwhile, GM's debt has ballooned from $20 billion in 2013 to an eye-watering $130 billion in 2025—comparable to their pre-bankruptcy levels from 2009, risking taxpayer bailouts once more.