Yahoo Finance General Motors (GM) to Bring Wide-Spectrum EVs to China
General Motors GM has announced the plan to roll out more than 15 Ultium-based models in China by 2025. It also emphasized its focus on developing more connected and intelligent electric vehicles. At the GM China Tech Day 2022 in Shanghai, it outlined its plans and shared its progress toward the global vision of zero crashes, zero emissions and zero congestion.
GM focused on its leading Ultium platform, which has the potential to make nearly every vehicle an EV. A slew of models based on this latest platform is poised to solidify GM’s China business.
The Ultium portfolio comprises the Cruise Origin AV, the BrightDrop commercial vehicles, the GMC Hummer EV supertruck, Chevrolet Silverado EV and the Cadillac Celestiq ultra-luxury flagship that was revealed in October.
GM is expediting the introduction of Ultium-empowered EVs in China to move toward an all-electric future.
The all-electric Cadillac Lyriq SUV started customer deliveries in September. Following that, a wide range of Ultium-based models across brands, segments and body styles are prepared for rollout in China. The Cadillac Celestiq showcased will be the first product brought in by the Durant Guild, GM’s new lifestyle platform. Also, Buick, the first Ultium-based model, will be launched in China later this year.
The Chevrolet FNR-XE concept made its debut at Tech Day 2022. It harps on GM’s vision of a more sustainable and greener future. It also provides a sneak peak into Chevrolet’s new generation of electric intelligent connected vehicles solely developed for the Chinese market.
In parallel, in a bid to develop seamless updates of apps and over-the-air services, GM is also ramping up the development of software-defined vehicles to provide premium digitization. Its new software-defined vehicle platform will be introduced in North America and China next year. GM has been putting in efforts to deploy automated driving technologies in China and aims to bolster it by introducing an enhanced version of the Super Cruise driver assistance system. The new features include lane change on demand and automatic lane change, thereby ensuring customer confidence.
The Super Cruise will be featured on the brand’s entire lineup by 2025. It will also be introduced on Buick models later this year and Chevrolet models afterward to provide greater accessibility.
GM’s work on developing futuristic EVs is noteworthy and promises to bring disruptive technologies that will eventually transform the e-mobility space. To rev up its electrification drive, it has laid out an ambitious two-year milestone to scale up capacity between 2023 and 2025.
Shares of GM have lost 31.6% in a year compared with the industry’s 47.7% decline.
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Zacks Rank & Key Picks
GM currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked players in the auto space – CarParts.com PRTS, sporting a Zacks Rank #1 (Strong Buy), and Allison Transmission Holdings ALSN and Genuine Parts Company GPC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
CarParts has an expected earnings growth rate of 85% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 72.7% upward over the past 30 days.
Allison has an expected earnings growth rate of 26.1% for the current year. The Zacks Consensus Estimate for ALSN’s current-year earnings has been revised 3.8% upward in the past 30 days.
Genuine Parts has an expected earnings growth rate of 18.1% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 0.2% downward over the past 30 days.
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