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General Motors (GM) reports a record $41.9 billion in Q3 2022 revenue and reaffirms earnings guidance

GM EV breakout

GM shared its Q3 2022 financial report today, which is highlighted by an EBIT-adjusted $4.3 billion bolstered by a quarterly revenue of $41.9 billion. As a result, the American automaker has reaffirmed its full-year earnings guidance as it continues to scale its Ultium platform and expand EV production throughout its marques.

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GM adds Plug and Charge to EVgo Ultium Charge 360, vehicles including Bolt

GM Plug and Charge

This is big. General Motors (GM) has announced that it is adding Plug and Charge capabilities to its Ultium Charging 360 network of charge providers across North America and across its line of Bolt, Hummer and Cadillac Lyriq EVs.

To begin, drivers with an EVgo account will be able to utilize the convenience of Plug and Charge before GM expands the technology to additional charging networks across its Ultium Charge 360 family.

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LG Magna ePowertrain breaks ground on new facility to build components for GM EVs

LG Magna GM

LG Magna ePowertrain, a recently launched joint venture between LG Electronics and Magna International, has broken ground on a new facility in Mexico, the JV’s first production footprint in North America. When completed, the 260,000-square-foot plant will produce a multitude of powertrain components to support electric vehicle production from General Motors (GM).

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GM’s Super Bowl campaign features Austin Powers characters using Ultium EV technology to save the world, then take it over

GM Austin Powers

General Motor’s streak of newsworthy movements continues as we head into Super Bowl weekend. The American automaker has begun teasing this year’s big game commercial, which continues its “Everybody In” campaign to promote its EV lineup. This year however, GM’s “everybody” includes some familiar, villainous faces from the Austin Powers film franchise.

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GM announces its largest investment ever, $7 billion, toward an EV production capacity over one million units by 2025

GM EV Production

Fresh off recent battery production news, General Motors (GM) is investing further into its US EV production, particularly in Michigan. In fact, the American automaker has announced a sum of $7 billion, its largest single investment in its 113 year history. The premium investment will be used overhaul EV and battery cell production, thus creating 4,000 new US jobs.

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GM is investing over $150 million to produce electric motor components in New York

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General Motors (GM) shared plans to invest nearly $154 million to renovate its Lockport Components plant in western New York to support stator module production. These key components for electric motors will eventually serve GM brand electric trucks and SUVs built upon the company’s Ultium Platform.

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GM to construct North American materials processing factory for Ultium EV batteries

GM EV batteries

General Motors announced a joint venture alongside POSCO Chemical to erect a new factory in North America to process Cathode Active Material (CAM). CAM will be vital to GM’s production of its proprietary Ultium EV batteries, as the legacy automaker looks to establish a larger presence in US EV production.

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EVgo is behind on charger installations for GM, grounds for agreement termination [Update]

EVgo GM

A recent SEC filing has revealed that electric vehicle charging network EVgo is still 82 charger installations short of meeting its June 30 milestone deadline for the quarter, part of an agreement with General Motors (GM). According to the filing, missing this milestone would give GM the power to terminate the agreement and seek pre-agreed liquidated damages of up to $15 million, although GM currently remains confident in EVgo.

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How GM plans to be carbon neutral by 2040

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After over 100 years as one of the world’s largest ICE automobile manufacturers, General Motors has freed its head from the deep sand to join the emerging EV revolution. The US automaker has pulled a 180 in order to combat emissions rather than enable them. Just recently, GM announced plans to be carbon neutral by 2040, a bold statement. Let’s hope it’s more than just talk. Below is how General Motors plans to achieve this green goal.

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