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General Motors (GM) CEO Mary Barra said she is disappointed in EV production this year due to constraints. Meanwhile, GM’s leader believes new, affordable EVs like the Equinox and Bolt will help drive adoption.

After announcing a historic $10 billion buyback plan, GM’s stock is soaring on Wednesday. The company also revealed it would boost dividends by 33% and slash spending on Cruise.

The company’s biggest buyback plan comes after signing a new labor contract costing $9.3 billion through 2028.

GM’s new contract includes 25% wage increases, increased retirement and healthcare, a signing bonus, and paid leave. Barra said in an interview with Bloomberg that she is confident GM will be able to offset it “completely” with the plan in place.

With labor contracts taken care of, Barra said GM must remain balanced across stakeholders, stressing owners are also important.

The automaker reinstated full-year guidance with $9.1 – $9.7 billion expected in net income, compared to the previous $9.3 – $10.7 billion. Capital spending is expected at the low end of prior guidance with around $11 – $11.5 billion.

Barra said the company’s liquidity is “at record levels.” GM’s stock is up 10% following the news Wednesday.

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2024 Chevy Equinox EV 3RS (Source: GM)

Barra says affordable EVs will drive adoption

“Although I am disappointed with our Ultium-based EV production in 2023,” Barra said that GM has made “substantial improvements.”

GM expects significantly higher Ultium EV production in 2024. Barra explained the company was constrained by the automation to build modules. She stressed it was not an Ultium issue but rather a manufacturing hurdle.

Chevy-Blazer-EV
Chevy Blazer EV SS (Source: GM)

GM is working through it and making improvements each quarter. The company expects to overcome it in the middle of next year. In the third quarter, GM delivered 4,222 Ultium-based EVs, compared to 15,835 Bolt EV/EUV models.

It’s still not a lot, but it’s over 200% more than the 1,395 delivered in Q2. Although GM “never saw EV adoption as a straight line,” Barra explained, the market is still growing. Barra believes new products, like the Blazer EV, and more access to charging will help drive EV adoption.

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Chevy Bolt EV (Source: GM)

More importantly, affordable GM EV models like the upcoming electric Chevy Equinox and next-gen Bolt will be key in gaining market share.

Electrek’s Take

Despite headlines claiming automakers overestimated with EVs, the market is just going through a transition.

The EV market is still growing and expected to accelerate. As GM’s Barra explained, the key to this will be affordable EV models. Charging infrastructure is rolling out, and cheaper models that will drive adoption are coming.

Meanwhile, GM is pushing back the production of key models, including the Equinox, Silverado RST, and GMC Sierra Denali EVs.

I understand pleasing stakeholders, but if GM were really “all in” on EVs, it would show investors by doubling down to get these affordable models on the market.

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Would you rather have one $50k EV or 50 of these $1k Chinese electric cars

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Would you rather have one k EV or 50 of these k Chinese electric cars

Panning for gold in Alibaba’s electric vehicle catalog is bound to find some real doozies, such as this week’s Awesomely Weird Alibaba Electric Vehicle of the Week. Meet this fun little purple three-wheeled electric car that barely manages to fulfill the requirements of a car.

The “Minitype 3 Seater Passenger Electric Passenger Tricycle” is quite a mouthful of a name, but what’s really important here are the specs.

With a single driver’s seat up front and a narrow bench in back, there is theoretically space for three souls aboard this thing. There’s no steering wheel up front, though. Instead, drivers operate the handlebar that controls the front wheel through a fork instead of traditional automotive linkage to two wheels. Think of it like an enclosed tuk-tuk.

That’s probably fine based on the rather low performance of the machine, reaching just 40 km/h (25 mph) and likely taking its sweet time to do so.

It may not seem spacious, but this is one of those “the seats go aaaalllllllllll the way back” kind of cars. Or at least, the one seat.

I’m not sure what kind of freedom or bonus points that buys you, unless your date is super into trikes. But let’s just say that the car is doing everything it can to be a good wingman for you.

If you can’t pick up chicks in this babe magnet, then you’re obviously doing something wrong.

The coolest part about this thing though is the price. Sure, if you try to buy just a single car then it’s a bit expensive at US $1,200. But if you’ll take 15 units then you can knock that price down to $1,100. An order of up to 49 gets you down to an even $1,000.

So which would you rather have? One $50k electric car or 50 $1k electric cars? Well let me answer that for myself with another question. How easy is it to start a Chinese EV racing league in your backyard track with just one $50k EV?

Ok, jokes aside, please don’t anyone try to actually order one of these. This glorified mobility scooter is likely sans batteries for that price, plus you’ll absolutely spend several times the supposed purchase price just to try and get it shipped out of China.

Then there’s the wrinkle of these not being street-legal anywhere outside of China, and potentially not even there.

So let’s just enjoy them from the safe distance of our computer screens, shall we? In the meantime, I’ll appreciate even more the electric mini-truck I actually DID buy from China.

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GE scraps plans to make giant 18 MW offshore wind turbines

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GE scraps plans to make giant 18 MW offshore wind turbines

GE Vernova is abandoning plans to supersize its offshore wind turbines and will instead focus on rolling out smaller “workhorse” turbines.

In March of last year, GE Vernova CEO Scott Strazik said during a GE Investor Conference that the market was receptive to larger variants of the company’s Haliade-X offshore wind turbines: “Now we are getting a very positive reception from the market with our 17 to 18 MW Haliade-X variant off of what we’re shipping this year.”

However, GE Vernova has decided to shelve that idea for the future. Parent company GE writes in its US Securities and Exchange Commission EX-99 that its Haliade-X platform has included “offerings available from 12 MW to 18 MW with estimated capacity factors ranging from 60% to 64%.” It continued:

One Haliade-X 13 MW turbine can power the equivalent of up to 16,000 European homes.

…We believe the future of our offshore wind business will be the Haliade-X 15.5 MW-250, a workhorse product.

The company made project losses in its offshore wind business last year. It expects margins to remain challenged in 2024 as it executes its Haliade-X backlog, “which will require significant cash use and working capital.” However, GE anticipates working capital dynamics and margins to improve beyond 2024.

The 800 MW Vineyard Wind I project off the Massachusetts coast consists of GE’s 13 MW Haliade-X turbines.

Read more: 5 wind turbines just came online at Massachusetts’ first offshore wind farm


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Jeep’s first EV will land in the US as early as July, electric Wrangler-like Recon to follow

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Jeep's first EV will land in the US as early as July, electric Wrangler-like Recon to follow

The first all-electric Jeep could be delivered to US customers as soon as July. According to new CEO Antonio Filosa, production of Jeep’s first EV, the Wagoneer S SUV, is expected to begin in Q2. Deliveries could happen as soon as the third quarter. Jeep’s CEO also confirmed we may see the electric Wrangler-like Recon launch by the end of the year.

The first Jeep EV could reach US buyers as early as Q3

After slashing prices amid slumping sales Friday (including up to $4K on its best-selling Grand Cherokee), Filosa admitted more needs to be done to fend off incoming competition.

Jeep is facing new rivals like the Rivian R1S, which was the seventh best-selling EV in the US last year. Volkswagen’s off-road Scout brand is also set to launch its first EVs soon.

Jeep’s first EV in the US, the Wagoneer S SUV, is expected to enter production in the second quarter. Filosa said the first deliveries could happen as early as the third quarter. Ahead of its official launch, Jeep is hyping the electric SUV with new teasers.

You can see Jeep’s iconic design evolving as it shifts to electric. Jeep claims the Wagoneer S will be “lightning fast,” packing 600 hp for a 0 to 60 mph sprint in 3.5 seconds.

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Jeep Wagoneer S electric SUV teaser (Source: Jeep)

It will be the first EV based on parent company Stellantis’ new STLA Large platform. Jeep aims for around 400 miles range, rivaling Rivian’s R1S.

Jeep also showed the first glimpse of the EV’s interior, which has plenty of buttons and digital screens. You can see a custom driver control center with Jeep’s signature Selec-Terrain toggle.

It also includes a standard dual-pane panoramic sunroof and a premium 19-speaker McIntosh audio system.

Jeep’s electric Wrangler-like Recon launching soon

Filsosa confirmed Jeep’s electric Wrangler-like Recon could launch by the end of the year, although the timing is still unclear.

We’ve already seen a sneak peek of the Recon Moab 4xe after images leaked out of a dealer event in Las Vegas.

Jeep's-electric-Wrangler-like-Recon
Jeep Recon Moab 4xe (source: Jeep Recon Forum)

The Recon will be a “rugged and fully capable electric SUV” inspired by the off-road Jeep Wrangler. Previous head of Jeep North America, Jim Morrison, said the Recon EV “has the capability to cross the mighty Rubicon Trail.” Not only that, it will “reach the end of the trail with enough range to drive back to town and recharge,” Morrison claimed.

Jeep's-electric-Wrangler-like-Recon
2024 electric Jeep Recon (Source: Stellantis)

Filosa confirmed the Recon will also be based on the STLA Large platform, suggesting at least 600 hp is likely.

The platform serves between 85 and 118 kWh battery pack options with up to 500 mi (800 km) range for sedans. It will also come with 400V and 800V options.

Stellantis claims the platform includes “extreme power,” claiming it will “outperform any of the existing Hellcat V-8s.” More powerful models can sprint from 0 to 62 mph (0-100km/hr) in the 2-second range, according to Stellantis.

According to the new UAW agreements, an electric Jeep Wrangler is also expected to launch, but not until 2028. Jeep’s best-selling Grand Cherokee will also get an all-electric option around 2027.

Source: Detroit News

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