General Motors To Announce Expanded EV Strategy This Week
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General Motors will announce a revised electric vehicle strategy this week that will see the automaker commit more money to its EV programs between now and 2025.
According to Reuters, GM CEO Mary Barra will outline details of the new strategy during a Barclay’s conference on Thursday with the intention of convincing industry analysts and investors that it can compete with more established rivals in the electric vehicle space – namely Tesla.
GM may announce that it plans to invest more than the $20 billion it previously sidelined for electric vehicle investment between now and 2025. Additionally, it may shorten its timeline for Cadillac to transition to an all-electric vehicle brand by 2030 to 2025.
A GM spokesperson played down the rumors when approached for comment by Reuters, dismissing talks of increased spending on EVs as only speculative.
2023 Cadillac Lyriq Show Car
A source familiar with the situation told the publication that the organization is “really doubling down on speeding up product development,” for its electric vehicle programs. The automaker faced criticism for the production timeline for its Cadillac Lyriq electric crossover, which debuted in show car form earlier this year but will not enter production until late 2022 as a 2023 model year vehicle. With rival products like the Jaguar I-Pace, Tesla Model X and Audi E-Tron having already been on sale for a long time, this could put the Lyriq at a disadvantage when it finally launches.
Ken Morris, GM vice president of electric and autonomous programs, said last week that the automaker has pushed two of its future EV programs forward and will now bring them to market earlier than anticipated, but he did not out the accelerated programs by name.
“The vehicles that we’ve announced, like the Hummer EV and the Cadillac Lyriq, we’re already well on the way on those, but we want to advance the entire EV portfolio,” Morris told reporters at the time.
GM has said that it plans to bring 20 new electric vehicles to market globally by 2023. These will include the aforementioned GMC Hummer EV and Cadillac Lyriq, along with the next-generation Chevy Bolt EV and new Chevy Bolt EUV crossover, among many others.
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Here is the Future. Britain just moved all electric sales to 2030. Others are at 2035 and could speed things up too.
While a couple companies have a few Token EV models the segment is really only one brand Tesla.
The market is wide open for new models, better tech and cheaper prices. Tesla is getting stagnate with bland styling and little innovation. They are still high priced for all you get.
GM and VW are the only ones able to do much on a large scale at this point with EV products.
Toyota could join but have not been working in that direction.
Things are going to really change more in the next ten years than in the last 100.
No likely. The United Kingdom us about the size of the state of Wyoming and has about a fifth the size of the population of the US.
The biggest changes in the next 10 years have been under development the last 5 years. Mainly being battery and motor tech along with control software, we just haven’t seen everyone cards yet!
The 20th century had EVs. Nothing new about giant RC cars. Gasoline won out because of the energy density. It still wins out because of energy density. It is a pipe dream of virtue signaling politicians to have most people get EVs. There is virtually no demand for EVs. Like all things in modern times, people do not think about how to come up with a good plan. If people care so much about the environment they should look at all industries. What is going to happen is that more fossil fuels will be used to meet these dreams.
People invest in houses, they should invest in used car companies starting now. ICE will still be here.
I disagree agree about things changing more in the next 10 years. As an EV is nothing new and people are not rushing out to go buy EVs.
I agree with much of what you state about ICE. But the fact is there is a global agenda driving laws that will force the change.
The changes will come in the next 10 years like it or not But Ice will still be around in some form till 2050 just not like it is now.
No EV is not new but the tech involved is improved. Beware that we will be seeing lower prices, longer range and faster charging and that is what will change many people over to EV without a fight.
Automakers will like it as in the long run the cars will be cheaper to develop and more profitable as prices of the electronics come down.
Trust me I have Gas in my veins but I am also watching, reading and understanding what all is in play and going on. This is going to happen no matter what you or I say.
Much of the timing is going to be based on lowering of cost and regulations restricting sales. We have seen both in play of late and more to come of both.
Poorer parts of the US will begin to look like Cuba with people keeping their old gasoline powered cars on the road forever by hook or by crook. This will have an adverse effect on air quality versus if automakers were allowed to continue improving the technology and selling new ICE powered vehicles.
This is more far-left bureaucracy and severe shortsightedness in action. Virtue signaling? Check. In 50 years, we will have a ramshackle fleet of old cars lining the streets side by side with the ever expanding homeless encampments.
I know that you also know that EVs are not new. The general public does not. Yes there is no doubt that the global agenda wants everyone to follow this green accord stuff. Off topic but the developed nations of the world like the USA, Canada, and the EU really get screwed over with something such as the Paris Accord. I am not so eager to rush into being more dependent on a country like China to make all of these batteries. Sure western nations will make some.
Yes the technology has improved drastically there is no doubt about that. Especially with solid state batteries. Automakers truly will love the EVs as it is a matter of programming. Just like the Turbo charged era we are in. In which a company can change the ECU tuning and put a slightly smaller turbo in. Companies will just tweak the software.
People in my generation are not really focused on car ownership. When they do get a car it is used because people do not see the point in paying a lot of money for a car. Until EVs cost the same as a Toyota corolla brand new and get twice the range. They will be a hard sell. Especially if companies use a shady subscription based service for certain features.
I am not interested in EVs. For me hybrids is the next step. Or if it was available in my state I would get the Toyota fuel cell vehicle (new one is RWD!). I do think it is ridiculous that one can’t buy an EV directly online. Through bogus regulations. If we were not so hypocritical in the nation, Amazon would not exist as that is bypassing the middle men. Too many politicians and lobby groups own dealership chains. Not sure about where you live but in some places one guy owns an entire dealer network for almost every brand. Now don’t get me wrong I applaud the self made man as I believe in capitalism but with capitalism things change. So a company must adapt if it wants to survive. So if a car company can facilitate buying direct and putting more money in its pocket. I truly do not see the problem. People are just greedy who have owned dealerships since last century.
Just my two cents!
Couldn’t agree more on the last sentence on the comment above. The next 10 will be huge.
What’s going to change is a severe drop in auto sales because batteries are just too expensive
Or the nio model of renting the batteries .
Either keep up or move out of the way. People will pay more if they save on gas.
No one thought we would have $1200 cell phones but everyone, including the financially challenged has to have one. Seems like the less money someone has the more they are willing to spend on a phone.
The average buyer only looks at the bottom line of what they have to pay for a vehicle today. Very few look at how much money it will save them in the long run.
Regarding electricity, the cost will go up significantly as more EVs hit the road. Even if EV sales only level out to even 10 percent of the market in a decade, rest assured the government will find some way to tax a charge-up due to lost gasoline tax revenues. In fact, in some areas the cost to recharge a Tesla is more than it costs to fill up a traditional ICE vehicle.
Lol @ this EVs are expensive so we should strangle them and support coal and dinosaur turd burnings boilers to move our state of the art cars that full of electronics that need 48v dc!? These are same people who are the first to pick on cheap cars and knocking car makers like GM not making cars with more luxurious fancy interiors to compete expensive german cars. 100 years ago automobile was much much much more expensive than horse, new tech and product goes mass production and cost suddenly drops, if people like you had prevailed we as humanity would have stuck in stone age ;”Hey this iron ore melting procedure needs to much energy and work we should keep throwing rocks each other.”
Make enough of anything and economy of scale kicks in. Plus battery technology is improving all the time.
Glad to hear this. I was fearful that Tesla and VW were going to pull away.
VW just announced an almost 90 Billion future investment for EV’s
How come none of the rental car co. Don’t offer EV it would give more a chance to try them out and maybe buy one . would be lot of used EV ‘s in 12-16 mos when they turn the fleet
Cost yet hinders this. The companies buy the cheapest low bid vehicles in most cases. Most are not on stable ground either as Hertz just went under.
If you want to drive one many auto shows offer drives and dealers too. I have driven a number of these cars and even a Experimental GM Hydrogen Cell vehicle.
20 new vehicles in less time than it takes to put a competitive interior in overpriced trucks go on and take the money and run