What do you know about General Motors CES news?

DETROIT — General Motors made several announcements at the CES tech show on Wednesday that investors should consider — specifically its future plans for electric and self-driving cars.

General Motors CEO Mary Barra, who has been a highlight of the event, revealed the 2024 Chevrolet Silverado EV pickup that’s expected to go on sale next year against Ford Motor’s electric F-150 and Rivian Automotive’s R1T, among others.

Wall Street analysts reacted largely to the Silverado EV, but some questioned the lack of options and the timing of the launch. Specifically, the company’s decision to launch with only two, which gives the Ford F-150 Lightning that will be launched this spring, a one-year advantage.

General Motors shares closed down 3.6% Wednesday at $62.74 a share amid a broader market sell-off. The stock remained largely unchanged during midday trading on Thursday.

General Motors CEO Mary Barra presents the new optional Silverado during a live event at the CES 2022 trade show in Las Vegas, Nevada, U.S., on Wednesday, Jan. 5, 2022.

Bridget Bennett | Bloomberg | Getty Images

“While the Silverado’s specs were very robust, arguably it came in largely as expected, and we think investors may have been selling the news,” Deutsche Bank analyst Emmanuel Rosner told investors in a note Thursday. He said investors “may also have been surprised” by the launch cadence that includes a fleet model in the spring of 2023, followed by a $105,000 consumer model in the fall.

Credit Suisse analyst Dan Levy described the timing as “fairly disappointing for investors” in a note on Tuesday.

But the Silverado EV wasn’t the only news investors should have watched on Wednesday. Others included orders for electric trucks for GM’s Bright Drop unit, plans for self-driving personals, and timing for two new electric vehicles. Here’s more on these and more from GM’s CES show.

Bright Drop

General Motors’ electric commercial vehicle unit BrightDrop, which debuted a year ago at CES, has announced deals with Walmart and FedEx to buy thousands of its electric trucks.

Walmart has signed a new agreement with BrightDrop to reserve 5,000 electric trucks, while FedEx has added an additional 2,000 trucks to an earlier order of 500. FedEx said demand could increase to 20,000 electric trucks.

An all-electric EV600 light commercial vehicle built specifically to deliver goods and services, was built by General Motors’ Electric Vehicle Company Bright Drop Company, in Detroit, Michigan, in this undated photo.

Bright Drop | charity | via Reuters

Alan Wexler, GM’s senior vice president of innovation and growth, described such orders as “extremely significant” for the company, which began delivering its first trucks to FedEx last month.

“It’s a big market,” he told CNBC. “It’s important to our business because I think there’s going to be an aura that extends even to the traditional kind of fleet business when we talk to Walmart, FedEx and others.”

Equinox EV worth $30,000

In addition to revealing the 2023 Silverado EV, Barra said GM will introduce EV versions of the Chevrolet Equinox and Chevrolet Blazer next year. She said the electric equinox would start at about $30,000.

Wall Street analysts view the vehicles as GM’s first electric vehicle already prevalent on the company’s new Ultium platform and batteries.

General Motors will expand its Chevrolet EV lineup in fall 2023 to include the Equinox EV, starting at about $30,000.

GM

“Both cars are significant, as they will represent GM’s first display at large-volume EV inputs, and GM’s first real shot against (Tesla’s) Model 3/Y,” said Levy.

Barra showed pictures of the Electric Equinox but didn’t reveal any additional details about that vehicle or the Blazer EV.

General Motors targets the Tesla FSD

General Motors plans to begin offering a new hands-free “door-to-door” driving system with greater capabilities than the Tesla “FSD” system starting next year.

The Detroit automaker said its new “Ultra Cruise” system will be able to operate hands-free in 95% of all driving scenarios. This compares to Tesla’s “FSD” system designed to operate with drivers’ hands on the steering wheel.

Barra said Wednesday that the Cadillac Celeste, an upcoming luxury electric sedan, will be among the first vehicles equipped with this technology.

“The Celeste will be a true Cadillac aura in every way,” Barra said, adding that the Celestique will be handcrafted and available in “exclusive sizes.”

vehicles

Barra confirmed two major plans on Wednesday regarding General Motors’ self-driving vehicle plans, in which the automaker has invested billions several years ago.

Most notably, Barra said that GM’s majority-owned autonomous vehicle unit, Cruze, is expected to commercialize its passenger transportation service in San Francisco in the coming months. Crusie applied for the final permit needed to market operations in November.

General Motors Cadillac Innerspace Halo Concept Car

Courtesy: GM

She also said that GM and Cruze plan to provide consumers with personal electric vehicles by the middle of the decade. Accompanying the new schedule was GM’s premium Cadillac brand unveiling a stylish new personal EV concept for autonomous driving called InnerSpace.

The concept is part of Cadillac’s “Halo Concept Portfolio” that began a year ago at CES with an urban airlift vehicle and an autonomous shared shuttle. Such products may be critical for GM to offer subscription services to generate recurring revenue to aid in its plans to double revenue to $280 billion by 2030.

“We take a very holistic approach to how we think about subscriptions across our business,” Wexler said.

Cadillac InnerSpace Concept

GM

EV . boat

Aside from Barra’s keynote, a GM-backed startup that makes electric outboard motors for boats called Pure Watercraft revealed a new electric pontoon boat at CES.

General Motors last year acquired a 25% stake in the Seattle-based company. GM will supply the components as part of a $150 million deal with Pure Watercraft, a co-developer of new products, and will provide engineering, design and manufacturing expertise to help start-ups build new plants.

The Pure Watercraft electric pontoon boat is the first product that resulted from the company’s collaboration with General Motors.

pure water craft

The deal is part of GM’s plans to bring its fuel cell technologies and Ultium electric vehicle to sectors outside of automobiles. It has previously announced relationships or deals in locomotives, aerospace and defense.

– CNBC Michael Bloom Contribute to this report.

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News reporter and author at @websalespromo

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