General Motors is losing money on every electric vehicle it sells, but the company says it's on track to generate mid single-digit pretax profit margins in 2025 as it produces more higher margin EVs,

General Motors said on Thursday it expects significant reductions in electric vehicle production costs in 2024 as it boosts output of higher-profit models.GM Chief Financial Officer Paul Jacobson said at a Barclays event the automaker would see improvements next year in EV margins as it expects to hit mid single-digit earnings before interest and taxes margin targets by 2025.