Why GM Is Taking the Slow Lane in the EV Race
Bloomberg Businessweek US|September 26, 2022
CEO Mary Barra says her slew of electric models due next year will prove the wisdom of the automaker’s deliberate pace
James E. Ellis and David Rocks
Why GM Is Taking the Slow Lane in the EV Race

Five years ago, General Motors Co. boss Mary Barra was the bold one. She announced a plan to spend $20 billion developing a fleet of electric vehicles—20  models by 2023, she promised— underpinned by a new battery pack the company now calls Ultium. Overnight, investors started to think of GM less as a 20th century relic and more like a heavyweight challenger to Tesla Inc. In the following years, GM twice increased the promised investment, to $35 billion, and by early 2021 its share price had doubled.

In the meantime, GM fell behind key rivals— namely Ford Motor Co., which introduced the Mustang Mach-E in 2019 and, earlier this year, an electric version of its F-150 pickup, the bestselling vehicle in the US. South Korea’s Hyundai Motor Corp. and Kia Corp. have come on strong with a pair of EVs priced just over $40,000. And Volkswagen AG’s release of an ambitious slate of models with its own dedicated EV platform has also started with two models for global markets. Sure, Chevrolet introduced the electric Bolt compact in 2016 and an electric version of its hulking Hummer late last year, but to date Ultium has been slow to show results.

This story is from the September 26, 2022 edition of Bloomberg Businessweek US.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the September 26, 2022 edition of Bloomberg Businessweek US.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM BLOOMBERG BUSINESSWEEK USView All
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023