In a recent interview, General Motors CEO Mary Barra said that a “significant part” of the company’s long-term executive compensation will be contingent upon reaching specific electrification targets, which will include volumes of EVs sold in North America, as well as launch timing and quality.
Barra, whose total compensation package came to about $23.7 million in 2020, said the new compensation benchmarks are meant to emphasize the company’s commitment to EVs. The very patient may find further details in GM’s latest proxy filing.
“At GM, our compensation has always been driven by the company’s success,” Barra said during the company’s first-quarter earnings call. “No one should doubt our commitment to lead in EVs or the passion our team has for that mission.”
“At General Motors, we’ve been very deliberate in our approach to EVs to get it right and create solutions that are scalable, position us for leadership in key segments, like pickups, luxury and affordable EVs, and deliver programs and services that support margin expansion,” added Barra in a LinkedIn post. “We’re holding ourselves accountable to our targets, directly linking a significant part of the long-term compensation of GM executives to meeting our EV goals.”
GM hopes to increase its annual EV production capacity to 2 million units in North America and China by 2025, and to go all-electric by 2035. It has begun updating several of its manufacturing facilities to support expanded EV production.