By Michael Elkins
According to translated reports from Nikkei.com, American automobile company, General Motors (NYSE:GM) 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 The vehicle will also mark a returned presence in Europe where the company had previously withdrawn.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:HMC) 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.