General Motors boss Mary Barra has acknowledged they fell quick on their EV ambitions this year but expects production of battery-powered cars to rise considerably in 2024.

While lately speaking on a contact with analysts, Barra expressed self-assurance in the company’s EV portfolio and in citing the company’s share cost dropping roughly 50% more than the previous two years, asserted that the market place is not providing GM the credit that it deserves.

“Frankly, we didn’t execute well this year as it relates to demonstrating our EV capability,” Barra mentioned. “I am very confident with the EV portfolio that we have and the work that we’ve done to deliver significantly more Ultium-based products that customers, I think, will really appreciate.” She added that EV production will be “significantly higher” in 2024.

While discussing the company’s existing share cost, Barra noted that GM’s moves to exit underperforming organizations, create its Ultium EV platform, enhance its internal combustion car portfolio, create out its provide chain of raw components and the vertical integration of battery cell production, which she noted it has not been completely appreciated by the market place but in reality it positions it ahead of some competitors.

“Because we started this [EV] journey earlier, we are much farther along than the market is giving us credit for,” Barra mentioned. “This work will really never stop. We will continue to optimize,” just before adding that the brand’s share cost “is disappointing to everyone.”

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GM intends to have the capacity to create 1 million EVs in North America by the finish of 2025 but in October, it revealed that it will no longer give incremental EV production targets.

Speaking with analysts, Barra added GM will invest “hundreds of millions of dollars” significantly less at its Cruise autonomous driving unit subsequent year than in 2023 due to the firm narrowing its concentrate in the wake of an October two accident and the nationwide pause in its testing of self-driving robotaxis.