We need an electric Camaro just to keep up with the news cycle over at General Motors (GM). Following its annual and Q4 earnings report, GM has shared further news about its electrification strategy which includes updates to already announced EVs, as well as hints to a new one.
While GM’s EV outlook may have ended somewhat bleak in 2021, the American automaker has been for lack of a more appropriate term, firing on all cylinders as it works to deliver 20 new EVs by next year. While we have noted GM’s apparent lack of urgency in publicly achieving this target, the automaker appears to have finally glanced up from its pile of combustion money and taken a look at its calendar.
2022 has arrived with a lot of prospects for people as a fresh start, hoping to leave behind a certain pesky pandemic, and move forward toward a yearning sense of normalcy. The new year appears to have brought an invigorated General Motors as well, one that has become a mainstay on our homepage with all of its EV news.
Since January 1, we have shared our first up-close look at the upcoming Chevy Silverado EV, covered news of a Chevy Equinox EV arriving for under $30,000 alongside an all-electric Blazer, and the birth of pre-production models of the Cadillac Lyriq.
GM has had all aspects of hardened EV production covered too, not just new models. Here’s a quick recap:
- Blink to deploy Level 2 EV chargers at GM dealerships across North America
- GM scores huge tax break on $1.3 billion plan to build new EVs in Orion
- GM is investing over $150 million to produce electric motor components in New York
- GM threatens action against any dealerships attempting markups on upcoming EVs
- GM and LG announce giant new 50 GWh battery cell factory in the US
- GM announces its largest investment ever, $7 billion, toward an EV production capacity over one million units by 2025
All of the news above has come in the last 30 days. When we close our eyes at night, we count tiny Chevy Bolts jumping over a fence. The automaker isn’t done either. GM kicked off February with its earnings report detailing Q4 as well as 2021 as a whole, and CEO Mary Barra delivered some updates to many of the EVs mentioned above.
GM offers a slew of company EV updates in earnings report
While the actual 2021 earnings numbers were recently released, much of GM’s EV news came directly from CEO Mary Barra’s letter to shareholders. There’s a lot to unfold here, but here are the main takeaways.
Growing EV reservations
Barra revealed that its freshly announced Silverado EV already has 110,000 reservations, which appears to be a quicker pace than Ford’s F-150 Lightning which now has over 200,000 reservations. These numbers include reservations from over 240 fleet customers however, Ford keeps those reservation numbers separate.
Hummer EV Pickup and SUV reservations are approaching 60,000 in total. GMC delivered the first (and only) Hummer EV pickup in December. The next trim to arrive will be the Hummer EV³ˣ, scheduled for this fall. The 2024 Hummer EV SUV is slated to enter production in the first quarter of 2023.
GM EV model updates
The next GM EV to arrive will be the Cadillac Lyriq – the first electrified model to arrive under the luxury marque, which originally sold out reservations in twenty minutes. Barra shared that GM has recognized this consumer demand, and has decided to forego a new round of reservations to jump straight into orders, following the debut of the initial Launch Edition trim in March. Following that news, we can expect the Cadillac Lyriq to officially launch in the next two months.
While further details weren’t shared, Barra briefly hinted at a new EV model to come, that will be priced below the $30,000 Chevy Equinox. Assuming that EV will debut under the Chevrolet marque, it could very well be a replacement for the ill-fated Bolt EV and EUV, whose production may not last long at GM’s Orion facility as it is being completely revamped.
Cruise-ing toward autonomy and large GM earnings in 2022
GM’s CEO also shared high hopes for future earnings from its self-driving subsidiary, Cruise. The Cruise team has been operating fully driverless rides in San Francisco since last fall, and has logged over 20,000 miles across more than 600 trips.
Most recently, Cruise has begun inviting the general public to sign up for driverless rides. Barra spoke to this progress, and what it could mean for future GM earnings:
This major milestone brings Cruise even closer to offering its first paid rides and generating $50 billion in annual revenue by the end of the decade. It also means that the SoftBank Vision Fund will invest — as planned — an additional $1.35 billion in Cruise. This is another strong vote of confidence in the Cruise team, its technology and services.
That’s all for now, although at this rate, GM’s newsroom could be writing up another press release as we speak. More as it comes.
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