General Motors CEO Mary Barra sat down exclusively with ABC News’ Rebecca Jarvis to introduce the company's newest electric vehicle, the Cadillac LYRIQ, and take the first ride.
In 2021, the company announced that it is committed to selling only all-electric vehicles by 2035.
“I think it gets into the power of General Motors brands,” said Barra. “First of all, we're a full line manufacturer. We have four brands and we have vehicles at every price.”
Due in part to the severe sanctions on Russia, combined with record-high inflation caused by residual economic effects from the pandemic, gas prices reached a record high in the U.S.
On March 13 the average U.S. price of regular-grade gas was $4.43 -- which exceeds the prior all-time high by 32 cents set in July 2008, according to AAA.
Although prices have since declined, Barra said that the high price tag for gas could have piqued newfound interest in electric vehicles.
“I definitely think there's going to be more interest as people see gas prices… We all are wondering what the situation is there,” said Barra.
In 2022, General Motors expects to unveil two additional electric vehicles -- both under $40,000. Barra said the next challenge is to expand the accessibility of charging stations.
“It's going to be many solutions. Right now, there's a lot of startups working in this space, and we're partnering with them,” said Barra. “We have committed to invest three quarters of a billion dollars in chargers working with other companies, as well as our dealers, to find the right locations in different cities to make sure that we have coverage.”
MORE: GM sets to double revenue, lead US in electric vehicle salesBarra said that despite the current inflation consumers face and uncertainty around how the overall economy will look in the future, the demand for electric vehicles remains high and she’s confident General Motors’ pricing will remain competitive.
“What we see at General Motors is we do see a strong pricing environment and we see strong demand for our vehicles overall,” said Barra. “Right now, we're in a unique situation because of the pandemic and then because of the semiconductor shortage, we haven't been able to make as many vehicles. So we have a lot of pent up demand.”
Elon Musk’s Tesla currently dominates the U.S. electric vehicle market, owning 60% of shares in the space, Experian Automotive reported.
Barra said the new version of the American classic is set to take Tesla head-on.
“If you think about it right now, [electric vehicle] sales are very low. They're in single digits. By 2025, and then beyond, we want to start dramatically growing shares,” said Barra. “We sell more vehicles than anyone else does with the brands, and we have loyal consumers, so I'm really excited about our future.”