GM Plans To Become A Tech Company As It Aims For Tesla Valuation

The automaker could launch more than 20 EVs by 2028.

GM Plans To Become A Tech Company As It Aims For Tesla-esque Value

Michael Cantu

By: Michael Cantu

Oct 2, 2021 at 12:56am ET

Add InsideEVs as a preferred source in Google

Comment

Reeling from the Bolt EV fire recall, General Motors plans for big announcements next week when the automaker meets with investors. They include positioning itself as a technology platform company and plans for rolling out at least 20 EVs by 2028. This is according to a report by Reuters.

In an effort to draw more investors and for a higher market valuation that’s closer to the current leader Tesla, sources from the report say that GM will discuss its growth strategy, EV and software platform advantages, and its self-driving vehicle business during Wednesday’s meeting. We will also get a look at how the automaker plans to spend $35 billion through 2025 on EVs and autonomous vehicles. One of the sources said:

"GM's gone from an automaker to a platform company and here are all the things you can do with that."

GM, the largest American automaker, had a revenue of almost $122.5 billion last year. GM currently has a market capitalization value of about $75 billion. Tesla’s is a whopping $752 billion. GM hopes that Wednesday’s investor meeting will increase its valuation.

General Motors Introduces Ultifi Software Platform

One way the company plans to close the gap on Tesla is with software-oriented products. GM recently announced the branding for its software platform that’s coming in 2023: Ultifi. It could become an open platform for developers. Other software products will be discussed in the investor meeting.

Many GM EVs Are On The Way

GM’s upcoming EV offerings are the GMC Hummer EV pickup truck, the Cadillac Lyriq SUV, and the EV600 delivery van (all by 2022). And according to the report, GM has plans for all-electric versions of the Chevrolet Silverado and GMC Sierra trucks in late 2022 and late 2023, respectively. Wednesday’s meeting will reveal more details.

The report also states that AutoForecast Solutions (AFS) estimates that GM will launch at least 20 new EVs in the US by 2028. In addition to the EVs above, AFS expects GM to launch the GMC Hummer SUV, the Cadillac Celestiq sedan, and the Chevrolet Blazer SUV in 2023.

What do you think?

View

Comments

In 2024, there are plans for an additional five EVs, two more in 2026, and another two in 2027. Then one more in 2028. AFS says this includes all-electric versions of the Cadillac Escalade, Chevrolet Tahoe, and GMC Yukon SUVs. There will also be a new Cadillac SUV called the Symboliq.