GM building 6 times as many electric trucks and SUVs than expected in 2022, report says
General Motors accelerating electric vehicle rollout
GM CEO Mary Barra reveals the automakers plan to phase out internal combustion vehicles on 'The Claman Countdown.'
General Motors is stepping on the gas pedal. Well, the accelerator pedal.
Production of the GMC Hummer EV has started at GM's Factory Zero in Michigan. (Emily Elconin/Bloomberg via Getty Images)
The automaker is speeding up the planned production ramp of its electric trucks and Cadillac SUVs this year significantly, according to a new report from Automotive News.
Suppliers have told the outlet that they've been informed that the planned production of GMC Hummer EVs, Chevrolet Silverado EVs and Cadillac Lyriq SUVs has been increased from 7,000 to 46,000.
The electric Cadillac Lyriq is scheduled to begin deliveries in 2022. (Cadillac)
GM CEO Mary Barra said several times during the company's earnings call last week that the company was working to pull ahead investments in its new electric vehicles due to strong demand as it aims to be building one million annually in North America by 2025.
The 2024 Chevrolet Silverado EV will be built alongside the GMC Hummer EV. (AP Photo/Paul Sancya)
"As we have said, we have announced battery cell and assembly capacity investments that will give us more than 1 million units of EV capacity in North America by the end of 2025," GM said in a statement responding to the report. "We now have teams working to accelerate all of our upcoming EV launches, and our target is to deliver 400,000 EVs in North America over the course of 2022 and 2023."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 57.62 | -0.09 | -0.16% |
| F | FORD MOTOR CO. | 11.07 | -0.03 | -0.27% |
The Hummer EV is initially available in a top-of-the-line $112,495 model, while the Lyirq starts at $59,990 and the Silverado EV at $39,900.
CLICK HERE TO GET THE FOX BUSINESS APP
GM is also aiming to restart production of the Chevrolet Bolt EV and Bolt EUV subcompact electric vehicles, which has been paused while it deals with a battery fire issue affecting the models.
Ford is similarly working to increase its electric vehicle capacity faster than previously planned and is working to double F-150 Lightning output to 150,000 trucks annually by the middle fo 2023.