General Motors is turning Cadillac to its lead electric vehicle brand in an attempt to compete against Tesla in addition to a bunch of different automakers bringing EVs on the market.
Plans are already underway to introduce the first model from the company’s brand new battery electric vehicle architecture, GM said Friday through an investor meeting.
GM explained this fresh BEV architecture will be the basis for an innovative family of “rewarding EVs,” a term alternative likely supposed to state the automaker’s conviction to provide up true rivalry in the EV world, which has been dominated by Tesla on the luxury side and Nissan in terms of pure volume sales.
The elastic platform will offer a broad selection of body designs and will be available in front-wheel, rear-wheel and all-wheel configurations, GM said. The brand’s most critical parts, including the battery cells, are used for maximum usability across all apps, GM said. The battery system will likely be adjustable, dependent on automobile and customer requirements.
The announcement made Friday in an investor meeting marks a change in GM’s approach to creating electrical vehicles. Before, GM’s electrified automobiles — specifically the all-electric Bolt and the plug in hybrid Volt — fell under its mass-market Chevrolet brand.
The Bolt appears destined to continue, at least for today. (The Bolt is also employed by GM’therefore self-driving subsidiary GM Cruise as its testing automobile.) The Volt is slated to finish. GM announced last year it would end production of the Volt and the plug ins Cadillac CT6, which had sluggish sales.
GM has been experiencing a transformation within the previous four to five years, getting rid of expensive, money-losing programs like the Opel brand in Europe, also investing more in electrification and autonomous vehicle technologies. Additionally, it has warned repeatedly, Friday’s investor meeting with no exclusion, of a coming recession in the standard automotive organization.
Back in November, GM ramped up its belt-tightening steps with reductions to mill and white-collar workers, plant closures in North America and the elimination of many car models as it attempts to transform into a nimble company focused on high-margin SUVs, crossovers and trucks, and investments in the future goods like autonomous and electric vehicles.
The actionsthat are supposed to protect the automaker from an expected downturn in the U.S. market, increases GM’s annual free cash flow by about $6 billion, such as cost reductions of $4.5 billion and lower capital expenditure annual run rate of nearly $1.5 billion by 2020. Ford took similar cost-cutting measures in 2018.
Even as GM declared those reductions, it said it would double engineering resources allocated to electric and autonomous vehicle programs by 2020.
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