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GM today announced its intention to overtake Tesla as the market leader in electric vehicles in the United States. To achieve this, the American automaker is planning several new electric vehicles, including a new $ 30,000 electric crossover.
Today, GM held its shareholders meeting and made several announcements, including regarding its electrification plans. The headline-grabbing statement is that GM plans to take the leading position in the electric vehicle market in the United States using the money from its ICE sales:
“GM plans to achieve leadership in the electric vehicle market in the United States while increasing profits through internal combustion engine (ICE) vehicles. “
GM is currently second behind Tesla in the United States in electric vehicle sales, but it is not second. Tesla has not only overtaken GM in electric vehicle sales, it is already a few laps ahead.
On top of that, GM is currently recalling and repurchasing its only two electric vehicles on the market, the Bolt EV and the Bolt EUV, due to a risk of battery fire.
But GM is banking on its new electric vehicles, to come on its Ultium EV platform:
“GM’s growth will be driven by the modular Ultium electric vehicle platform that the company has developed to launch a broad portfolio of highly desirable electric vehicles using common and scalable components. The Ultium-powered electric vehicle lineup will feature high-volume entries including a Chevrolet crossover priced at around $ 30,000, Buick crossovers, trucks from Chevrolet, GMC and HUMMER, as well as beautifully designed Cadillac electric vehicles. such as the next LYRIQ and CELESTIQ.
We already knew about all of these upcoming EVs, with the exception of a new “Chevrolet crossover priced at around $ 30,000”. It looks like a next-gen Bolt EV / EUV based on the Ultium platform.
Mary Barra, CEO and President of GM, commented on today’s announcement:
“GM’s vision of a world with zero accidents, zero emissions and zero congestion has put us ahead of much of the competition in electrification, software services and autonomy. Our early investments in these growth trends have transformed GM from an automaker into a platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their day-to-day experience, guiding everyone on the path to a fully electric future. “
Stay tuned for more news from GM’s shareholders meeting, including the new Silverado electric pickup and Ultra Cruise.
Taking Electek
I am always happy to see automakers getting involved in electrification; however, I see a recurring problem with GM: they cannot abandon their internal combustion engine business.
Even in that latest electric vehicle announcement, the automaker said so, casting it in a positive light for electrification:
“It is expected that more than 50% of the company’s industrial footprint in North America and China will be capable of producing electric vehicles by 2030.”
In my book, that means 50% of GM’s production capacity in North America and China is going to be useless by 2030.
With the dozens of compelling new electric vehicles coming to market over the next few years, I believe that a massive shift in consumer perception will ensure that no sane new car buyer will want to buy a combustion engine vehicle. by around 2025.
A lot of automakers won’t be ready for this and right now it looks like GM will be among them.
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