Recently, General Motors announced its short-term goals for electrification. Firstly, the company plans to achieve a 70% market share in the electric vehicle sector. By 2025, the company also aims to generate $50 billion in revenue annually from the electric vehicle market.
To achieve these targets, General Motors plans to invest an additional ¥20 billion in pure electric and intelligent connected vehicle areas on top of the ¥50 billion invested in the Chinese market, which is the world’s largest market. General Motors has always been focused on returns when it comes to investment.
CEO Mary Barra said, “General Motors’ growth in electric vehicle sales is the return on investment in research and development, design, engineering, production, supply chain, and customer experience over the years.”
Mary Barra also mentioned General Motors’ “multi-branded, multi-segment, and multi-price electric vehicle strategy,” which provides a powerful lever for increasing revenues and market share. The Ultium platform plays a crucial role, and further improvement is key to boosting sales in the future.
While expressing its expectations, General Motors also listed the vehicle models it plans to focus on in the future. Chevrolet’s Silverado EV, Equinox EV, and Blazer EV, as well as Cadillac’s LYRIQ and GMC’s Sierra EV, will be critical to increasing sales of General Motors pure electric vehicles.
Meanwhile, Cadillac Celestiq will become the flagship of the Ultium Platform. However, considering its estimated starting price of $300,000 in North America (equivalent to approximately ¥2.16 million), it will have limited sales and will not have a significant impact on sales volume.
In North America, General Motors’ goal is to produce 400,000 electric vehicles from 2022 to the first half of 2024. By 2025, General Motors hopes to produce 1 million electric vehicles annually in North America.
Earlier this year, Mary Barra stated in an interview with Yahoo Finance that in five years, General Motors’ sales of pure electric vehicles would surpass all pure electric vehicle manufacturers, including Tesla. General Motors’ core focus is currently on the Chinese and US markets, and we will have to wait and see the results of their low-cost, high-volume counterattack strategy.
🔗 Information Source: insideevs
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.