On Wednesday, GM executives will outline the company’s plan to dominate the U.S. EV market share while growing its profits from internal combustion engine vehicles.
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“GM’s vision of a world with zero crashes, zero emissions and zero congestion has placed us ahead of much of the competition in electrification, software-enabled services and autonomy,” GM Chair and CEO Mary Barra said in a statement.
The company’s growth will by driven by its Ultium modular EV platform, which offers a broad portfolio of electric vehicles including the Chevrolet crossover, priced at around $30,000, Buick crossovers, trucks from Chevrolet, GMC and Hummer, and Cadillac EVs, including the upcoming Lyriq and Celestiq vehicles. In addition, GM plans to make more than 50% of its North American and Chinese manufacturing footprint capable of EV production by 2030 and has committed to source 100% renewable energy for its U.S. facilities by 2025.
Meanwhile, GM will offer “product and technology immersions” on Thursday, including ride and drive opportunities in the GMC Hummer EV and experiences with Super Cruise, GM’s advanced hands-free driving technology that is expanding to 22 different models by 2023. GM executives, software developers and engineers will also discuss new business ventures including BrightDrop, OnStar Insurance, Ultium Charge 360, e-commerce, and subscription services.
Wednesday’s announcement comes as GM plans to spend $35 billion to boost its investments in all-electric and autonomous vehicles and take on rivals including Tesla. and Ford.
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GM will launch 30 EVs globally by 2025, with around 20 of them available in the United States.
“Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future” Barra added.
GM shares have gained 29% this year, nearly double the S&P 500’s 15% run.