General Motors Co. is bolting on its most affordable electric vehicle, the company's chair and CEO Mary Barra said Tuesday.
In a letter to shareholders Barra said the company was able to boost its guidance “As we look at the performance of the business and the opportunities ahead of us.”to invest $3 billion in a new U.S.-based battery plant to begin operations in 2026. A specific location was not disclosed.
The plant, which will have more than 30 GWh of capacity bringing GM’s total U.S. battery cell capacity to about 160 GWh when it is at full production, will build cylindrical and prismatic cells, Barra said. Still, many consumers have resisted the move to an EV because, among other reasons, they are simply too expensive.
“So we're really focused on getting the vehicles out there because we think we priced them right to begin with when you look at, you know where the Lyriq is. It starts below $60,000 or right at $60,000. You know, the Equinox that, around $30,000, Blazer, you know, in the mid mid 40s. These are price points that I think are very important,” Barra said during the analyst call.
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