GM is betting BIG on electric vehicles.
In fact, one investment firm identified GM as a front-runner in the evolving automotive landscape because of the scaling capacity the company holds as a traditional OEM (original equipment manufacturer) versus BEV (battery electric vehicle) startups.
Consumer demand for electric vehicles is undeniably rising: Mentions have increased +128% YoY and lead all of the auto trends we’re tracking.
GM aims to launch 30 new EV models by 2025. For now, the company has three main electric vehicles that can be purchased or preordered: the Chevy Bolt, the Cadillac Lyriq, and the GMC Hummer.
How do these brands stack up in the EV world? Not great… yet.
First: The Chevy Bolt is under fire, both literally and figuratively. Multiple rounds of recalls due to potential battery defects impacted more than 141,000 electric vehicles over six model years. That’s every Bolt built since sales began in 2016.
Cars were catching fire.
You can see the negative impact of this defect and corresponding recalls on consumer Sentiment for the Chevy Bolt brand… Ouch.
Second: Tesla has a serious leg up on consumer buzz and market share. Consumers are REALLY excited about the Cybertruck concept.
Looking ahead: GM is investing heavily in new electric vehicle battery technology. The company’s improved battery pack, Ultium, differs from the batteries used in its Chevy Bolt vehicles, mostly due to the addition of aluminum and reduction of cobalt and wiring. GM expects these chemistry updates to drive down cost and increase production scale.
GM is also building an innovation facility in Michigan to refine research to produce vehicles with 600 miles of battery range.
In the near term, GM is grappling with supply chain issues, namely chip shortages, alongside other manufacturers. You can see this pulling down new vehicle purchase Mentions across the board.
We’ll be watching closely to see if GM can accomplish lofty EV expansion goals in the future, or if Tesla’s dominance will continue into the next wave of EV production.
Either way, LikeFolio members will be the first to know.