Rising star Vammo rides past 1 million battery swaps for electric motorcycles - Related to million, targeted, rising, 30,000, scales

GM says its EVs are now "profit positive"

Not counting some long-term costs, GM EVs became profitable in Q4.

High-priced Cadillac Escalade IQ and GMC Sierra EV models contribute to that.

2024 GM EV sales summed about 189,000 for the year; GM targets 300,000 in 2025.

General Motors indicates that, by at least one metric, its electric vehicles achieved profitability in the fourth quarter of 2024. It's an indication that the automaker is putting the early struggles of its EV ramp-up behind it.

GM showcased its 2024 financial results Tuesday, and one of the nuggets from that announcement was a claim that EVs were "variable profit positive" in Q4. This refers to EV revenue being higher than fixed costs like labor and materials, but does not include other related costs like building new assembly lines, Reuters noted.

In a quarterly and annual modification for shareholders, GM CFO Paul Jacobson reported that it achieved that "variable profit positive" status on its EVs in the fourth quarter through higher production and improved material cost, including lower cell cost. He also cited the launch of the Cadillac Escalade IQ and GMC Sierra EV—two EVs with especially high sticker prices.

GM also narrowly missed a goal of manufacturing 200,000 EVs for the North American market in 2024, coming in at around 189,000. That number represented a doubling of its EV market share versus 2023.

Further, inventory fell from a 100-day supply at the end of Q3 to 70 days at the end of Q4. That's still higher than the 53 days GM's gasoline and diesel vehicles averaged, but moving in the right direction to sync supply and demand, as less time spent on dealer lots is an essential industry metric for that.

The automaker is aiming to make 300,000 EVs for North America in 2025 with further improvements in their financial outlook, aided by the continued scaling up of production, absorption of more of the fixed costs behind the EV ramp-up, and further cost reductions on a per-vehicle basis.

While mixed, these results still contrast the outlook last July, when GM CEO Mary Barra confirmed that the automaker was backing away from a target of production capacity for a million EVs by 2025, claiming the EV market was "not developing." But GM saw EV sales steadily rise in each quarter of last year, from approximately 16,000 in Q1 to just under 44,000 in Q4. It also reported a growth in [website] EV market share from [website] in Q1 to [website] in Q4.

The one-million EV goal is still a long way off as GM continues to recover from a slow start. It struggled to accelerate EV production in 2023, due mostly to issues ramping up its battery cells. It then missed a goal of delivering 400,000 EVs, cumulatively from 2022, in the first half of 2024. That goal itself had been pushed back from 2023.

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Rising star Vammo rides past 1 million battery swaps for electric motorcycles

Vammo, a battery-swapping service for electric motorcycles in Latin America, has just unveiled that the organization has surpassed an impressive 1 million battery swaps in a little over a year.

The organization has built its service around a combination of VMoto electric motorcycles and a battery-swapping service designed to keep those motorcycles rolling all day without stopping to charge.

Headquartered in São Paulo, Brazil, Vammo’s electric motorcycles and battery swap cabinets currently serve around 1,800 consumers, with that number growing quickly. The service was launched just over a year ago and has already saved its consumers a combined US $[website] million in fuel costs. That’s on top of preventing the release of 3,050 tons of CO 2 emissions.

Vammo’s subscription model saves customers as much as 50% compared to gasoline-powered motorcycles, translating into annual savings of thousands of dollars. “Not only are we helping to cut carbon emissions by 85%, but we’re also putting significant savings back into the pockets of our end-customers,” unveiled Jack Sarvary, Vammo’s co-founder and CEO. “Many of our customers, especially delivery drivers, are saving as much as $2,000–$4,000 per year, making electric mobility both affordable and sustainable.”.

That success has led to rapid growth for the corporation. Last year alone, Vammo saw 8x growth in both revenue and customer base.

“Our growth demonstrates the power of affordable, clean transportation,” mentioned Billy Blaustein, Vammo’s COO. “We are proving that sustainable mobility can be both accessible and scalable.”.

Vammo’s VMoto models have now become the #1 registered electric motorcycle brand in Brazil, likely making the firm the top player in Latin America.

Battery swapping for electric motorcycles has gained significant interest in the last few years, especially as Gogoro has expanded its world-leading model for swappable electric scooter batteries. But unlike Gogoro, which built a swappable battery standard and then began persuading other companies to adopt it, Vammo built its service around existing electric motorcycles and their already operational battery designs.

Vammo began operations in São Paulo and has positioned its service as a solution not only for Brazil but also for broader Latin America.

Brazil is uniquely suited for electric motorcycles and battery swapping, as the country not only sells 4x the amount of motorcycles per year as the US, but has some of the cleanest electricity in the world. Over 90% of the country’s electricity is generated by clean reports, primarily hydroelectric power, with wind and solar also contributing to the mix. Compare that to the global average of just 13%.

Vammo is building on its momentum, in the recent past announcing a partnership with app-based taxi provider 99, offering mototaxi drivers access to its electric motorcycles.

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Ionna scales up toward targeted 30,000 EV chargers by 2030

The [website] EV charging network Ionna is picking up speed in its infrastructure build-out as the nascent network aims to make good on its promise of installing tens of thousands of electric vehicle chargers over the next five years.

It mentioned on Tuesday in a press release that it is transitioning "from public beta to full-scale national release" following the opening of its first location and the conclusion of a testing program in 2024.

The testing program involved more than 4,400 charging sessions with more than 80 unique EV models, dispensing nearly 63,000 kwh of energy, . It added that the goal was to "stress-test" the network; now the focus shifts to the network build-out.

Ionna was initially backed by seven automakers, including BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis. Toyota joined Ionna in 2024. The network was unveiled in 2023 as the first potential rival to the Tesla Supercharger network in North America, and has steadily built momentum as plans for continued expansion of the Supercharger network have fluctuated.

Ionna now claims to have more than 100 contracted charging sites nationwide, and just this week announced new sites in Houston, Texas; Abilene, Kansas; and Wilcox, Arizona. Those join six already under construction. They'll be accompanied by new tech features, including expanded Plug & Charge compatibility and Amazon "Just Walk Out" tech that lets drivers grab refreshments without having to wait in line.

Its first location is in Apex, [website], in what Ionna refers to as a "Rechargery"—in a converted gas station.

Ionna hopes to have 1,000 new charging bays online by the end of the year, on the way to a goal of 30,000 bays by 2030 that was first showcased in 2023. "Bays" is the metric Ionna uses in place of charging connectors. It essentially means charging spots, although each spot can have multiple connectors. Those connectors can be CCS or NACS, it has noted.

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