The company wants "everyone in an electric vehicle".
General Motors has some big goals for electrifying its portfolio over the next couple of years. Just yesterday, we found out that GM would divulge the details of those plans, with the expectation that additional funds - besides the $20 billion already set aside - would be dedicated to the accelerated launch of several new electric vehicles.
At the virtual Barclays Global Automotive Conference this week, Chairman and CEO Mary Barra officially disclosed that GM intends to launch no less than 30 EVs over the next five years, along with an increased $27 billion investment. "Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle," said Barra confidently. GM's plan follows similarly bold electrification goals from other automakers like Mercedes-Benz.
Of the 30 new EVs that are planned, over two-thirds of them will be sold in the US market with models from Buick, GMC, Cadillac, and Chevrolet. Recently revealed EVs from the GM stable include the GMC Hummer and the Cadillac Lyriq. In fact, lessons gleaned from the development of the Hummer have allowed GM to fast-track its longer-term plans. When the Cadillac Lyriq arrives in the first quarter of 2022, it will be nine months ahead of schedule.
To support its goals, GM will dedicate $27 billion to EVs and AVs between now and 2025, an increase from an original $20 billion before the global pandemic. GM has also made rapid advances with its Ultium battery technology, with the estimated range now jumping from 400 to 450 miles on a full charge.
The battery pack is claimed to cost 40 percent less than the battery tech found in the Chevy Bolt EV, while the second-generation Ultium packs are planned for a mid-decade release. It's the Ultium system that has enabled GM to move up its EV releases, with three other GMC Ultium vehicles on the way. Four Cadillacs and a Chevy compact crossover also form part of the company's plans.
"GM's EV development times are speeding up and costs are going down rapidly," said Doug Parks, GM executive vice president of Global Product Development, Purchasing and Supply Chain. "We expect our Ultium EV programs to be profitable from the first generation on."
With a clear plan to be the no.1 seller of electric vehicles globally, GM is ready to take the fight not only to Tesla but to transition to an electrified lineup faster than its traditional competitors.