With profits soaring in the third quarter of this year and full-size pickup trucks and SUV sales raking in the money, General Motors (GM) is looking to allocate its funds in electric vehicles and “affordable” segments.
In an investors’ call, GM CEO Mary Barra said the company will invest in EVs across all its brands—Chevrolet, GMC, Buick, and Cadillac. The vehicles that will be developed, she further said, will be for “affordable high volume segments.”
It remains to be seen how EV sales can offset the costs of production, but the company is optimistic that every single electric car that will roll out from its assembly will produce a profit.
Barra also shared that GM is currently in discussions with other automakers regarding potential partnerships in the future, particularly in the development of electric vehicles. For one, the automaker has previously forged an alliance with Honda in North America. But so far, it’s unclear which other manufacturers GM would partner up, especially in the use of the Ultium, the company’s new battery and electric motor technology.
The GMC Hummer EV was the first GM vehicle to use the Ultium battery tech, with the model expected to begin rolling off production lines next year. Following it is the Hummer SUV and the Cadillac Lyriq SUV.