In 2023, General Motors (GM) plans to accelerate its electric vehicle (EV) strategy by introducing seven Ultium-based EVs, in addition to the Bolt EV and EUV, as part of its efforts to revamp its supply chain for the future.
At the Wolfe Global Auto, Auto Tech, and Auto Consumer Conference, CEO Mary Barra emphasized GM’s transformation and investments, which she believes will give it an edge over rivals and bring it closer to overtaking Tesla. Barra highlighted GM’s dedicated electric vehicle platform, the Ultium EV architecture, which she believes is one of the company’s primary advantages over other legacy automakers.
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The Ultium platform is versatile and can be used for a wide range of vehicle sizes and shapes, from a small compact car to a super truck like the Hummer EV or commercial vehicles like the Brightdrop van. According to Barra, GM will have seven EVs of various sizes and segments on the Ultium platform by the end of 2023, in addition to the Bolt EV and EUV. These include the Chevy Blazer EV, Chevy Equinox, Chevy Silverado EV, Cadillac LYRIQ, GMC Hummer EV pickup, GMC Hummer EV SUV, and Brightdrop electric van.
GM’s flexibility in offering EVs at different price points, or “EVs for everyone,” is made possible by the Ultium platform. Barra has emphasized the need for GM to offer EVs in the $30,000 to $40,000 range to promote their adoption. The Equinox EV is expected to start at around $30,000, while the Blazer EV is estimated to have an MSRP of $44,995.
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GM’s Ultium Cells joint venture with LG already has one battery plant online in Ohio, with plans for two more in Tennessee and Michigan, which will bring the company’s EV battery cell capacity to 130 GWh when fully operational. GM has also secured semiconductor components used in EVs through a new agreement with GlobalFoundries and is reportedly in talks to acquire a stake in Brazilian mining company Vale’s base metal spinoff. Barra believes these developments, along with the company’s restructuring efforts, will put GM in an advantageous position to gain market share and close the gap with its rivals in the EV market in 2023.
One of GM’s key goals is to achieve a 20% margin on a $40,000 EV, which requires driving down battery costs. As the company charges ahead with its EV strategy, Barra is confident that GM’s dedicated platform, combined with its investments and supply chain restructuring, will make 2023 a breakout year for the automaker.
