GM Plans 100% Electric Vehicle (EV) Future

GM’s EV Investments:

• $2.2 billion to convert its Detroit-Hamtramck plant to exclusively produce all-electric trucks and SUVs
• $28 million for a new EV battery research center
• $2.2 billion to form a joint-venture with LG Chem for more affordable EVs

Past GM attempts at EVs:

• EV-1 – launched in 1996, only 1000 units sold before pulling from market in 2001
• Volt electric hybrid (sedan) – launched in 2010 and pulled in 2018
• Volt electric hybrid (crossover) – launched in 2016

Key takeaway:

While GM’s current focus is on primary internal combustion engine cars, it is building an infrastructure to compete with Tesla on EV cost. 

Triple Pundit | GM Seeks Competitive Edge in a 100 Percent EV Future