Some of today’s biggest technology headlines have to do with a big sea change which is affecting the automotive sector in a very fundamental way.
Reuters reports that GM aims to initiate a colossal EV program with an investment of over $20 billion by 2025, in order to rival electric car maker Tesla and regain some of the market share in this quickly growing segment.
One example of GM’s proactive electric vehicle program is the full electrification of the entire line of Cadillac vehicles!
A new Cadillac Lyriq crossover planned for 2022 looks rather unassuming, but may become the harbinger for a whole new lineup of such electric vehicles across the industry.
The Lyriq is expected to be built at the company’s Tennessee plant.
If the idea of a full electric line of Cadillacs isn’t enough, GM is also undertaking an impressive project to make one of its Hummer trucks electric as well.
“Details so far for the Hummer have been sparse, but GMC has revealed that the electric Hummer will make 1000 horsepower and 11,500 lb-ft of torque, a topic on which we have previously written,” writes Colin Beresford at Car and Driver. “Teasers of the new truck have shown that it’ll feature a ‘Crab’ mode, allowing the Hummer to travel sideways, and will also have a removable roof.”
This EV Hummer planned for 2021 will come with a price tag estimated at around $112,000. Of course, it won’t be cheap. But neither are the Tesla vehicles which are selling handily around the world. One of the incentives for GM to move so quickly and comprehensively toward EVs would be Tesla’s 500% price spike, preceding the company’s 5 to 1 stock split this year.
“Tesla’s soaring market capitalization, and growing pressure from regulators to phase out carbon-emitting engines, has put pressure on established automakers to respond to investors who view their internal combustion lineups as outmoded and doomed in the long run,” write Ben Klayman and David Shepardson at Reuters.
As the industry ponders ways to make greener electricity to feed EVs, and more sustainable ways to produce batteries, carmakers are getting serious about EV design and offering models for today’s market. That’s something to keep in mind if automotive technology is part of your portfolio.