Common Motors’ third-quarter monetary outcomes present a gradual manufacturing ramp of Ultium EVs however point out the automaker is unlikely to satisfy its near-future electrical automobile supply targets.
GM reported that it delivered simply 4,222 Ultium EVs in Q3, in comparison with 15,835 Bolt EV and Bolt EUV fashions. The Bolt EV and EUV, that are based mostly on a special structure than the Ultium fashions, are scheduled to finish manufacturing this 12 months. GM has stated they are going to be changed by an Ultium-based successor.
The Cadillac Lyriq had the best supply whole among the many present Ultium fashions, at 3,018 models for the quarter. That brings year-to-date deliveries as much as 5,334 autos, signaling that Lyriq manufacturing might lastly be accelerating after a gradual begin final 12 months.
2024 Cadillac Lyriq
The GMC Hummer EV additionally began manufacturing final 12 months, in pickup type. GM reported deliveries of simply 1,167 of the off-roaders for Q3, however that was essentially the most it produced in any quarter thus far. It was additionally the second-highest whole for an Ultium mannequin by a large margin.
GM claimed the beginning of deliveries of the Chevy Blazer EV in July, however outcomes point out that by September it solely delivered 19. GM additionally reported deliveries of 18 Chevy Silverado EV pickups (more likely to fleet prospects) and 35 BrightDrop Zevo 600 electrical vans.
When GM introduced its Ultium technique in early 2020, it claimed modular battery-pack and vehicle-architecture designs would grant the flexibleness to shortly launch quite a lot of electrical fashions. The automaker set a purpose of constructing 400,000 EVs by the top of 2023, then late final 12 months pushed that again to mid-2024. Now that appears prefer it’s shortly changing into an impossibility.
2024 Chevrolet Blazer EV
GM has stated at varied instances that that the EV manufacturing ramp is being delayed by battery provide. In October 2022 it pointed to a gradual begin on the Ultium Cells LLC battery plant in Ohio, the primary of 4 in a three way partnership with battery provider LG, supported by a $2.5 billion DOE mortgage, which are essential a part of GM’s plan to ramp up EV manufacturing.
The automaker was additionally not too long ago vocal in its pushback towards proposed EPA emissions guidelines searching for gross sales of fifty% EVs by 2030. It might not have as a lot confidence in its EV future because it preaches to shareholders.