General Motors Won't Meet 2017 Electric Vehicle Target

General Motors Company GM will fall short of 2017 electric vehicle sales expectations, the company said in a report Thursday.

"Consumer demand for these vehicles has not kept up with our initial projections," the company said, citing lower fuel prices and a surge in competition.

The company said however, that it "continues to aspire" to its goal of putting a half-million vehicles on the road with "some form of electrification" by 2017.

GM's total vehicle sales last year, nearly all gasoline powered, amounted to 9,924,880 units.

GM said it prefers product goals that are "global and longer-term in nature" which would require "many years to develop, if ever."

What Does Ford Think Of Electric?

Ford Motor Company F's Chief Executive Robert L. Shanks recently told Benzinga that to meet regulatory requirements in coming years "we're going to need to see a much higher take rate" for electric vehicles."

"Demand hasn't moved," Shanks said. "That's what I'm concerned about."

Low demand for Ford's electric vehicles spurred the company last month to lay off about 700 workers from a Michigan production plant.

Energy Secretary Ernest Moniz told the Detroit News in January that the U.S. won't meet President Barack Obama's goal of getting 1 million electric vehicles on the road by the end of this year.