GM opted to start its Ultium-powered EV rollout with high-performance, luxury models: the GMC Hummer EV pickup and the Cadillac Lyriq crossover.
The early EV launches are meant to show the automakers’ EV prowess — through the Hummer pickup’s 1,000 hp and 329 miles of range, for example — and prove that the Ultium platform can go beyond the more utilitarian design of its Chevrolet Bolt.
Two more high-end EVs are due next year: the ultraluxury, hand-built Cadillac Celestiq sedan and the Hummer SUV.
But 2023 also marks the arrival of GM’s volume EVs: the Chevy Silverado and GMC Sierra pickups and the Chevy Blazer and Equinox crossovers. The Equinox EV is expected to retail for about $30,000, and the Blazer, unveiled last week, starts at less than $50,000. GM also plans to slash the starting prices of the 2023 Bolt EV and EUV, which use its previous-generation batteries, to less than $30,000.
“It’s going to be the next wave that will crack the market for GM,” said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions. “Starting in 2024, once GM has a range of lower-price and higher-volume models on the market, then we can start to see GM actually attacking this segment. It will take models like the Silverado, which is key to the growth of EVs for GM, and the lower-price Equinox EV to hit entry-level EV buyers.”
Except for full-size pickups and SUVs, GM’s portfolio could be all-electric by the early 2030s, according to production forecasts. The company has said it aims to remove internal combustion engines from its light-duty lineup by 2035.