GM shared its Q3 2022 financial report today, which is highlighted by an EBIT-adjusted $4.3 billion bolstered by a quarterly revenue of $41.9 billion. As a result, the American automaker has reaffirmed its full-year earnings guidance as it continues to scale its Ultium platform and expand EV production throughout its marques.
Everyone is aware of GM ($GM) by now and its transition to become an all-electric automaker, EV charging network, and equipment provider. Although the company only has a few BEVs currently being delivered under its large umbrella of marques like Chevy and Cadillac, there are plenty more on the way.
Speaking of the Chevrolet brand, GM has seen a massive rebound in sales of its flagship Bolt EV and EUV, following a brutal 2021 due to a comprehensive recall. In fact, following records sales in Q3 2022, GM has decided to bolster Bolt production from 44,000 units to 70,000 EVs in 2023.
As you’ll be able to see from GM’s Q3 2022 financial documents, EVs are very much the focus of its business strategy going forward, and the American automaker looks to finish out the fiscal year with the same, if not more, momentum than it is already wielding in the EV market.
GM CEO Marry Barra relayed optimism in her recent letter to shareholders that outlined some of the highlights of Q3 2022, like record revenue and double-digit EBIT-adjusted margins. Barra spoke briefly about the success of its combustion trucks and SUVs then quickly segued into the automaker’s EV progress for the remainder of the letter.
Barra shared that GM garnered over 8% of the US electric vehicle market in Q3 2022, on the wings of the aforementioned sales of the Chevrolet Bolt EV and EUV. Additionally, the Bolts outsold Ford’s Mustang Mach-E by more than two to one in September. In all fairness, that comparison is two models versus one as well.
In the letter Barra spoke about the company’s future as it scales Ultium Platform production to support the growing number of EV models in its pipeline:
We have been very intentional to position the company for volume growth with flexibility, efficiency and increased EV profitability over time. Greater vertical integration is a key driver. That’s why we are building battery cells in Ohio through Ultium Cells LLC, with a second U.S. plant opening next year, a third in 2024 and a fourth planned. A secure and integrated supply chain will be another competitive advantage for us as we scale. As I shared last quarter, we moved early and aggressively to secure commitments for all the battery raw material we need to reach more than 1 million units of annual EV capacity in North America in 2025. For growth beyond 2025, we continue to secure our future with strategic supply agreements and direct investments in natural resource recovery, processing and recycling.
With the press release and shareholder letter, GM also shared a Q3 2022 report outlining the automaker’s financial highlights, including GMNA revenue around $34.7 billion and EV sales around 15,200 units. Additionally, earnings per share (EPS) reached $2.25, beating Wall Street’s estimate of $1.90. You can view that report here, alongside GM’s earnings deck, complete with plenty of pretty EV pictures.
Looking ahead, GM has an Investor Day webcast scheduled for November 17, when the company intends to go deeper into the rapid scaling of its EV portfolio and share important metrics to help the public track its progress. We will be sure to tune in and report back.
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The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
With the Trump Administration fully in power and Federal electric vehicle incentives apparently on the chopping block, many fleet buyers are second-guessing the push to electrify their fleets. To help ease their minds, Harbinger is launching the IRA Risk-Free Guarantee, promising to cover the cost of anticipated IRA credits if the rebate goes away.
In the case of a Harbinger S524 Class 5 chassis with a 140 kWh battery capacity with an MSRP of $103,200, the company will offer an IRA Risk-Free Guarantee credit of $12,900 at the time of purchase, bringing initial cost down to $90,300. This matches the typical selling price of an equivalent Freightliner MT-45 diesel medium-duty chassis.
“We created (the IRA Risk-Free Guarantee) program to eliminate the financial uncertainty for customers who are interested in EV adoption, but are concerned about the future of the IRA tax credit,” said John Harris, Co-founder and CEO of Harbinger. “For electric vehicles to go mainstream, they must be cost-competitive with diesel vehicles. While the IRA tax credit helps bridge that gap, we remain committed to price parity with diesel, even if the credit disappears. Our vertically integrated approach enables us to keep costs low, shields us from tariff volatility, and ensures long-term price stability for our customers.”
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Harbinger recently revealed a book of business consisting of 4,690 binding orders. Those orders are valued at approximately $500 million, and fueled a $100 million Series B raise.
Electrek’s Take
Harbinger truck charging; via Harbinger.
One of the most frequent criticisms of electric vehicle incentives is that they encourage manufacturers and dealers to artificially inflate the price of their vehicles. In their heads, I imagine the scenario goes something like this:
you looked at a used Nissan LEAF on a dealer’s lot priced at $14,995
a new bill passes and the state issues a $2500 used EV rebate
you decide to go back to the dealer and buy the car
once you arrive, you find that the price is now $16,995
While it’s commendable that Harbinger is taking action and sacrificing some of its profits to keep the business growing and the overall cause of fleet electrification moving forward, one has to wonder how they can “suddenly” afford to offer these massive discounts in lieu of government incentives – and how many other EV brands could probably afford to do the same.
Whoever is left at Nikola after the fledgling truck-maker filed for Chapter 11 bankruptcy protection last month is probably having a worse week than you – the company issued a recall with the NHTSA for 95 of its hydrogen fuel cell-powered semi trucks.
That complaint seems to have led to the posthumous recall of 95 (out of about 200) Nikola-built electric semi trucks.
The latest HFCEV recall is on top of the 2023 battery recall that impacted nearly all of Nikola’s deployed BEV fleet. Clean Trucking is citing a January 31, 2025 report from the NHTSA revealing that, as of the end of 2024, Nikola had yet to complete repairs for 98 of its affected BEVs. The ultimate fate of those vehicles remains unclear.
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Electrek’s Take
Image via Coyote Container.
I’ve received a few messages complaining that I “haven’t covered” the Nikola bankruptcy – which is bananas, since I reported that it was coming five weeks before it happened and there was no “new” information presented in the interim (he said, defensively).
Still, it’s worth looking back on Nikola’s headlong dive into the empty swimming pool of hydrogen, and remind ourselves that even its most enthusiastic early adopters were suffering.
“The truck costs five to ten times that of a standard Class 8 drayage [truck],” explained William Hall, Managing Member and Founder of Coyote Container. “On top of that, you pay five to ten times the Federal Excise Tax (FET) and local sales tax, [which comes to] roughly 22%. If you add the 10% reserve not covered by any voucher program, you are at 32%. Thirty-two percent of $500,000 is $160,000 for the trucker to somehow pay [out of pocket].”
After several failures that left his Nikola trucks stranded on the side of the road, the first such incident happening with just 900 miles on the truck’s odometer, a NHTSA complaint was filed. It’s not clear if it was Hall’s complaint, but the complaint seems to address his concerns, below.