Stock Market News

General Motors to Re-Enter Europe Through Japan

2022.10.14 10:36



General Motors (GM) to Re-Enter Europe Through Japan

By Michael Elkins

According to translated reports from Nikkei.com, American automobile company, General Motors (NYSE:) will simultaneously launch electric vehicles (EVs) in overseas markets such as Asia and Europe.

The company will release its own electric vehicle in Japan for the first time in 2023. The vehicle will also mark a returned presence in Europe where the company had previously withdrawn. Since going bankrupt in 2009, it has scaled back most of its foreign operations, with the exception of China and South America.

Shilpan Amin, GM’s senior vice president and head of GM’s overseas division, explained the company’s future strategy. The division has operations in more than 60 countries around the world, outside of North America and China. Amin said, “All (over 60) countries will consider EV launches.”

“In Japan, we plan to release the EV Lyric of the luxury car brand Cadillac within 2023. An EV from another brand, Chevrolet, may also be introduced. In Japan, Cadillac Chevrolet currently sells only 1,500 units a year, and we aim to increase it.”

The Lyric is an SUV equipped with an on-board battery “Altium” developed as the axis for future EV development. The SUV has an expected range of more than 400 kilometers on a single charge and will be marketed as a luxury car with driving performance.

For GM, their alliance with Honda (NYSE:) will be an important strategy for chasing economies of scale. The two companies have agreed to jointly develop EVs. Amin said, “The partnership gives us more scale, lower costs, lower prices”.

EVs will also be launched in Europe in the middle of 2023. Although the specific brand and model have not been revealed, there is a high possibility that this will also be a Cadillac or Chevrolet model. By 2025, the company plans to introduce 30 EV models worldwide and increase the annual production capacity of EVs in North America to 1 million units.

Shares of GM are down 0.06% in early trading on Friday.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,311.34 0.05%
ethereum
Ethereum (ETH) $ 3,389.24 0.82%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 253.83 0.58%
bnb
BNB (BNB) $ 662.00 0.24%
xrp
XRP (XRP) $ 1.46 0.30%
dogecoin
Dogecoin (DOGE) $ 0.425817 2.00%
usd-coin
USDC (USDC) $ 1.00 0.08%
cardano
Cardano (ADA) $ 1.05 1.29%
staked-ether
Lido Staked Ether (STETH) $ 3,390.57 0.75%
tron
TRON (TRX) $ 0.209522 2.61%
avalanche-2
Avalanche (AVAX) $ 42.12 1.50%
stellar
Stellar (XLM) $ 0.527503 6.94%
the-open-network
Toncoin (TON) $ 6.12 6.88%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 4.27%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,005.57 1.06%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,883.23 0.19%
polkadot
Polkadot (DOT) $ 9.13 1.29%
chainlink
Chainlink (LINK) $ 18.19 2.63%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.45 0.33%
weth
WETH (WETH) $ 3,383.75 0.91%
sui
Sui (SUI) $ 3.44 0.66%
near
NEAR Protocol (NEAR) $ 7.01 3.88%
pepe
Pepe (PEPE) $ 0.00002 2.67%
leo-token
LEO Token (LEO) $ 8.66 0.22%
litecoin
Litecoin (LTC) $ 96.91 3.81%
aptos
Aptos (APT) $ 12.39 4.28%
uniswap
Uniswap (UNI) $ 11.00 0.55%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,566.14 0.86%
hedera-hashgraph
Hedera (HBAR) $ 0.143703 3.89%
internet-computer
Internet Computer (ICP) $ 11.50 1.29%
usds
USDS (USDS) $ 1.00 0.13%
crypto-com-chain
Cronos (CRO) $ 0.187704 5.50%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.565332 2.24%
ethereum-classic
Ethereum Classic (ETC) $ 29.06 2.89%
render-token
Render (RENDER) $ 8.01 0.13%
bittensor
Bittensor (TAO) $ 535.95 0.68%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.51 1.34%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
kaspa
Kaspa (KAS) $ 0.153285 0.11%
whitebit
WhiteBIT Coin (WBT) $ 24.45 1.19%
bonk
Bonk (BONK) $ 0.000047 1.50%
arbitrum
Arbitrum (ARB) $ 0.8569 2.99%
vechain
VeChain (VET) $ 0.043294 1.21%
dai
Dai (DAI) $ 1.00 0.04%
filecoin
Filecoin (FIL) $ 5.62 4.58%
blockstack
Stacks (STX) $ 2.26 6.83%
cosmos
Cosmos Hub (ATOM) $ 8.67 5.61%
okb
OKB (OKB) $ 56.18 4.03%
mantra-dao
MANTRA (OM) $ 3.69 0.47%