General Motors Company (NYSE:GM)’s electric car strategy
General Motors Company (NYSE:GM) recently renamed its powertrain division to GM Global Propulsion Systems from GM Powertrain. That move is designed to better highlight GM’s portfolio of vehicles. Although the majority of GM’s vehicles are gas powered, the company is increasingly expanding into hybrid and electric propulsion segments, which explains the need to name the powertrain division aptly.
At this point, General Motors Company (NYSE:GM) claims that nearly half of its 8,600 engineers and designers have a hand in its alternative propulsion systems. That doesn’t necessarily mean that 50% of the team is dedicated to gas engines and the other 50% to electric or alternative propulsion electric propulsion systems. Instead, it does mean that at least 50% of those working in the propulsion system division in one way or the other deal with alternative propulsion systems. That means that while some of those engineers are 100% dedicated to electric engines, others are only 5% involved.
General Motors Company (NYSE:GM) has seen rivals double down their efforts in electric and self-driving cars and the company is not willing to be left behind. The company has picked on Chevrolet Bolt EV to be its flagship electric vehicle project. GM’s CEO, Mary Barra showed off a concept Chevy Bolt at the 2015 CES and later showed off a production model of the car at the 2016 CES.
$30,000 for 200-mile range
According to General Motors, the Chevy Bolt will come with a 200-mile and is expected to be priced around $30,000. At that price point, Chevy Bolt will compete directly with Tesla’s Model 3, which is expected to cost around $35,000 and will have a competitive range. In Europe, General Motors will have an electric engine rendering called Opel Ampera-e.
General Motors Company (NYSE:GM)’s Chevy Bolt will be able to charge up to 80% in 60 minutes, but that’s nearly double the time it takes to recharge a Tesla Motors Inc (NASDAQ:TSLA) car.
In the future, General Motors Company (NYSE:GM) may use the electric Chevy Bolt to build its version of self-driving vehicle to catch up with Ford Motor Company (NYSE:F), Tesla and others. General Motors recently invested $500 million in modern taxi service provider Lyft as part of its investment in driverless ride-hailing sector.
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