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With big pickup truck profits, GM plans to dump more cash for EVs – Roadshow

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Extra EVs shouldn’t be a shock from GM.


Chevrolet

General Motors noticed its income soar within the third quarter of this yr amid a greater financial restoration than anticipated, and due to gross sales of its full-size pickup trucks and SUVs. As GM rakes within the money, the automaker’s CEO, Mary Barra, on Thursday stated we will see the corporate make investments closely in much more electrical autos.

Throughout an traders’ name discussing the automaker’s third-quarter monetary outcomes, Barra stated these income will assist fund EVs throughout each model from Chevrolet, Buick, GMC and Cadillac. These automobiles will even be for “inexpensive excessive quantity segments.” EVs haven’t but reached a value parity with conventional conventional automobiles, however GM has stood agency in saying each single electrical automobile it has deliberate will produce a revenue.

Extra curiously, Barra additionally stated it is in discussions with different automakers to about future partnerships to develop extra EVs. GM already buddied up with Honda in North America to create a wide-reaching alliance for the longer term, however it stays to be seen what different automakers GM might court docket to make use of its upcoming battery and electric motor technology, known as Ultium.

GM’s first EV utilizing the brand new Ultium battery tech and motors would be the GMC Hummer EV, set to begin rolling off the manufacturing line subsequent fall. A Hummer SUV will comply with, as will the Cadillac Lyriq SUV.

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Author

Sean Szymkowski