GM Lays Out Aggressive EV Plans
Aims to compete with Tesla via ‘solidly profitable’ lineup in 2025.
GM plans multiple EV models in various segments in 2025 that 'represent about 70% of EV industry volume,' including he Cadillac LYRIQ.
IMAGE: General Motors
General Motors sees a bright future in electric vehicles as early as 2025.
The Detroit-based automaker said it expects its “rapidly growing portfolio” of EVs will be “solidly profitable in 2025 in North America as the company scales EV capacity in the region to more than 1 million units annually, ramps up its software revenue opportunities, generates significant greenhouse gas benefits and realizes the positive impacts of new clean energy tax credits,” it told investors gathered at a meeting in New York City.
GM’s focus on EVs and energy storage is aimed at competing with longtime EV market leader Tesla.
“GM’s ability to grow EV sales is the payoff for many years of investment in R&D, design, engineering, manufacturing, our supply chain and a new EV customer experience that is designed to be the best in the industry,” said GM Chairwoman and CEO Mary Barra in a press release.
“Our multi-brand, multi-segment, multi price point EV strategy gives us incredible leverage to grow revenue and market share, and we believe our Ultium Platform and vertical integration will allow us to continuously improve battery performance and costs.”
The carmaker said it plans to aggressively seek EV market leadership as it anticipates wider consumer adoption. In 2025, it said it will have multiple EV models in various segments that “represent about 70% of EV industry volume.” Those models include the EV versions of the Chevrolet Silverado, Blazer, Equinox and the GMC Sierra pickup, plus the Cadillac LYRIQ.
As it ramps up EV design and production, GM is also building out supporting infrastructure, including a battery cell joint venture with plants operating in Ohio, Tennessee and Michigan by the close of 2024.
EV batteries and their components have been a sticking point in manufacturing due to supply-chain issues brought about by the pandemic, and the U.S. government has increased efforts to facilitate more production and element processing in North America to wean the U.S. market from Asian suppliers, including enacting a tax credit for EVs whose final assembly takes places in North America.
GM said revenue from EVs is projected to reach more than $50 billion in 2025, with total company revenue growing at a 12% compound annual rate to over $225 million that year.
Originally posted on Auto Dealer Today
More Showroom
California Sees Quarterly Gains
California’s new-vehicle market saw a boost in hybrids in the third quarter and its first overall quarterly market gain of the year.
Read More →
New-Vehicle Prices Stay Put
Affordability pressures and model availability shaped new-vehicle sales in September, according to an analysis by Kelley Blue Book.
Read More →
EV Buyer Consideration Shifts
What drives American consumers to purchase an electric vehicle is shifting as the question moves away from Should I?' to 'Which features and experience do I want to have?'
Read More →
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →