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General Motors (GM) is planning to have a breakout year in 2023 as the automaker charges ahead on its EV strategy. GM expects to push past the competition with plans for seven Ultium-based EVs, in addition to the Bolt EV and EUV, by the end of the year as it retools its supply chain for the future.
GM to close lead with EV leaders in 2023
At the Wolfe Global Auto, Auto Tech, and Auto Consumer Conference on Thursday, GM’s CEO Mary Barra says the company has a strong year ahead, claiming:
We are different from the rest of the traditional OEMs, and this is our really going to be our year to demonstrate it.
Barra continues to explain how GM’s recent transformation and investments will give it an advantage as it looks to lead rivals this year and move closer to overtaking Tesla, something she has reiterated in the past.
One of GM’s primary advantages over rival legacy automakers, according to Barra, is it already has a dedicated electric vehicle platform.
GM began developing its Ultium EV architecture in 2018, an incredibly versatile platform that can be used for a wide range of vehicle sizes and shapes. For example, at a Goldman Sach conference, Barra explained the Ultium could go from a small compact vehicle all the way to a super truck like the Hummer EV or its commercial Brightdrop van.
According to GM’s leader, the company will have seven EVs, all different sizes and segments, on the Ultium platform by the end of 2023, in addition to the Chevy Bolt EV and EUV.
The seven will include:
- Chevy Blazer EV
- Chevy Equinox
- Chevy Silverado EV
- Cadillac LYRIQ
- GMC Hummer EV pickup
- GMC Hummer EV SUV
- Bright drop electric van
The flexibility allows GM to offer EVs at all different price points, or what the company refers to as “EVs for everyone.” Barra has said for GM to promote EVs, it will need to offer them in the $30,000 to $40,000 range. That said, the upcoming Equinox EV is slated to start around $30,000, while the Blazer EV has an estimated MSRP of $44,995.
Perhaps, more importantly, the platform allows the company to streamline production as it works to restructure its supply chain to accommodate EVs.
Retooling its supply chain for the future of electric
GM realized early that securing battery supplies would be critical to executing and satisfying demand in the future.
GM and LG’s joint venture, Ultium Cells, already has one battery plant online in Warren, Ohio, with over 35 GWh annual capacity, with another two in Spring Hill, TN, and Lansing, Michigan, planned (and potentially a fourth).
Altogether, GM expects to have 130 GWh EV battery cell capacity when the three are fully operational.
More recently, GM secured critical semiconductor components used in EVs in a new agreement with GlobalFoundries. Rumors suggest GM is also advancing on a deal to own a part of Brazilian mining company Vale’s base metal spinoff.
Barra says these developments, along with the “systematic change” within the organization, will put it in “an advantageous position” to gain market share as it aims to close the gap in the EV market over its rivals in 2023.
Meanwhile, Barra says, GM will need to keep driving battery costs down to achieve a 20% margin on a $40,000 EV.