General Motors announced last week that it would invest $27 billion to help bring 30 new electric vehicles to market between now and 2025. Among those products will be powerful performance EVs and opulent luxury EVs as well, but the automaker is also eyeing entry-level segments with regard to its electrified vehicle strategy.
Speaking at the Barclays 2020 Global Automotive Conference last week, GM CEO Mary Barra said the automaker’s EVs will range in price from under $30,000 to over $100,000, Reuters reports. It’s likely that these sub-$30,000 EVs will consist of smaller Chevy and Buick crossover models. GM has also confirmed that it has a battery-electric “low-roof entry” coming that will fall under the Chevy brand, which could also come in at under $30,000.
GM has not said when it plans to put these sub-$30,000 EVs on sale. The company previously indicated that it would first focus on more expensive EV models like the GMC Hummer EV and Cadillac Lyriq, as these products have stronger profit margins and can help it recuperate its large investments in EVs. It will then likely turn its attention to more affordable options later on once the more profitable models have come to market.
The cheapest GM EV available right now is the Chevy Bolt EV, which retails for $37,495. The hatchback has a 200-horsepower front-mounted electric motor and 66-kWh lithium-ion battery pack, giving it an estimated maximum range of 259 miles. GM is currently working on a refreshed version of the electric hatch, along with a closely related Chevy Bolt EUV crossover model.
Additionally, GM is currently working on a second generation of its Ultium modular battery system, which it expects will help create more cost parity between internal combustion engine products and EVs. The automaker says the second-generation Ultium chemistry “is projected to deliver twice the energy density at less than half the cost of today’s chemistry,” which will enable it to offer longer-range EVs at lower costs.
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” Barra said at the Barclay’s conference. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth.”