GM advances EV rollout to more segments, with lower prices

General Motors is still in the early days of its electric vehicle transition.

The rollout, which started with higher-end models such as the GMC Hummer EV pickup and the Cadillac Lyriq, is expected to gain speed in the next few years as the automaker introduces more EVs in more mainstream segments — and at lower prices — to appeal to a broader swath of consumers. This year alone, production has begun or is scheduled to begin on electric versions of the Chevrolet Silverado pickup and Equinox and Blazer crossovers.

"These products are so important because they're core and critical to our EV growth strategy through 2025," CEO Mary Barra said at GM's investor day in November. "And the buzz they are creating is already incredible."

That buzz, Barra said, is "building pent-up demand, which is further evidence that our multi-brand, multi-segment, multi-price-point EV strategy is right for the retail market."

GM has said it aims to have a zero-emission light-duty U.S. vehicle portfolio by 2035, with Cadillac and Buick getting there by 2030. Executives have said the automaker is working toward having the capacity to build more than 1 million EVs annually in North America by 2025.

To date, EV production has had a slow start, though output on GM's proprietary Ultium platform will get a boost when additional battery plants with joint venture partners come online in Tennessee, Michigan and Indiana over the next few years, joining one already open in Ohio.

In recent years, GM has committed to investing $35 billion on electric and autonomous vehicle development through 2025. On the company's fourth-quarter earnings call in January, CFO Paul Jacobson said GM anticipates capital spending of $11 billion to $13 billion this year, with about 75 percent of its product-specific spending focused on electric and autonomous vehicles. A spokesperson said the spending range is expected to be similar each year through 2025.