GM had $6 billion to spend on next-gen EVs, chose stock buybacks | opinion
Despite numerous delays and mounting competition from Ford, Stellantis, and the Chinese, the GM board decided to take $6 billion and pump its share price instead of investing in the company’s future.
A few short weeks after labor negotiations led to a six-week UAW strike at GM plants, GM board members approved a $10 billion accelerated stock buyback plan. This week, the board kicked off that initiative with a $6 billion purchase and raising its shareholders’ stock dividend by 33 percent (to 12 cents per share) in the first quarter … a move that, to this writer, seems like a blatantly cynical cash-grab and shockingly shortsighted dereliction of the board’s fiduciary duty to the well-being of the company.
Stellantis is serious
Stellantis may have been slow to the electric party back in 2020 and 2021, when it seemed like you couldn’t go two weeks without some OEM or other announcing plans to go “fully electric” by 2035. But the Carlos Tavares-led company seems like it’s rising to the challenge – in a big way.
“While the BEV market may be experiencing a slowdown, Stellantis remains undeterred, capturing a 13.8% share in the EU29 region,” writes Max McDee. “The company’s electric vehicles are leading the charge in France, where sales soared by 56% to reach a 37.9% market share.”
In Germany, the world’s number two producer of electric vehicles, Stellantis is on a charge. The company’s sales there are up 22% over the year before, and it remains a market leader in Italy on the strength of its Fiat, Alfa Romeo, and well-received new Lancia offerings.
To make matters worse for GM, Stellantis seems to have rediscovered the fact that Jeep is a young, fun brand, and the company announced plans today to launch an “affordable,” $25,000, all-electric Jeep Renegade somewhat sooner than later.
And Stellantis isn’t even a strong example! GM’s arch-rival Ford is securing some top new product talent, as well. The blue oval is ramping up its efforts to produce an affordable EV and get it to market as quickly as possible, and its compact Maverick hybrid truck and E-Transit electric van are dominating their respective markets
If you look at import brands, Hyundai and Kia are closing the gap with Tesla, experiencing double-digit growth in the EV market without Stellantis’ advantage of having started in the single digits. Hyundai, along with Tesla, have driven down the price of 300-mile, fast-charging EVs to well below the $47,218 average new car transaction price.
At the same time, Kia’s design team is going from strength to strength with cars like recently updated EV6, American-made, seven-passenger EV9, and upcoming EV3 compact all looking like real winners for the Korean brand.
It’s not just legacy brands
Upstart carmakers like Rivian, with its compact R3 (above) are also coming to eat GM’s lunch with fresh, innovative products that compete directly with GM’s bread-and-butter offerings like the Chevy Silverado (Rivian R1T), Tahoe (R1S), and the Blazer/Equinox (R2), which are still getting crushed in the marketplace by Tesla’s super best-selling Model Y.
And that’s saying nothing of the Chinese.
China is a problem for GM
Once upon a time, GM could depend on China to at least buy some Buicks here and there – but the domestic Chinese manufacturers have stepped up their game significantly in the past decade, to the point that it’s no longer clear whether or not Buick will still be a desirable brand in the world’s largest auto market in five-to-ten years’ time (or in the US, for that matter).
Meanwhile, GM’s big talk about its Ultium platform bringing costs down with the economies of massive scale seem to have stalled, with the company producing far fewer mainstream EVs like the Silverado and Blazer than you get the feeling they’d have liked.
What’s obviously needed for GM to survive the next big evolution of the auto market as it transition to electric fuel is more product. Better product. Cheaper product. And, while we’re at it, more significant investment in its workforce, so that they can not only help develop that next generation of GM EVs, but be able to afford to buy them, as well – something that the latest UAW deal tried to address, even as it failed to secure pensions for employees hired after the ’07/08 bailout.
Instead, GM is getting a stock buyback. As a GM fan, I hope they reconsider.
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Electric vehicles’ share of the market continues to climb in America’s second city, with BEV registrations up more than 50% in the first quarter of 2025 compared with the same period last year. Great news, but charging hasn’t up – but a new plan from Chicago Department of Transportation aims to build up enough infrastructure for the city to keep up.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
I hate to sound like a bed-wetting liberal here, guys, but Chicago is getting EVs absolutely right with big utility incentives on both vehicles and infrastructure, a governor willing to stand behind smart environmental policy, and a solid push for more and better infrastructure in the areas where they’ll do the most good. They’re even thinking of the children.
Here’s hoping more cities follow suit.
SOURCE: ComEd, via Smart Cities Dive; featured image by EVgo.
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With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
If you love the look of the $230,000 Mercedes-Benz G580 off-roader, but think the 579 hp, 6,800 lb. electric 4×4 is probably overkill for occasional trips to the golf course and country club, this G-Wagen-inspired golf cart might be just what you’re looking for.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
G-Wagon golf cart gallery
SOURCE | LOTS MORE PHOTOS: Mecum Auctions.
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The Hyundai IONIQ 5 got a raft of upgrades and sporty, rally-focused XRT trim level for 2025 – but the biggest upgrade for the Made in America Hyundai might be this: the 5 has regained eligibility for the full $7,500 federal EV tax credit!
Despite being assembled at Hyundai’s Georgia meta plant for the last four month, the 2025 Hyundai IONIQ 5 was nowhere to be found on the EPA’s list of rebate-eligible vehicles. But that was then – with a fresh updated to the list coming online May 1st, Hyundai’s new-age electric hot hatch is back in the rebate game.
It’s worth noting that lease customers had been able to access the incentive under some circumstances, but this latest update to the EPA list makes it possible for cash and payment buyers to take advantage of the full Federal incentive, too – as long as they earn less than $300,000 as a married couple filing jointly, less than $225,000 as a head of household, or less than $150,000 as an individual.
With the $7,500 federal tax credit in the equation, you can get a new 2025 IONIQ 5 for somewhere in between $36,575 and $49,475, well under the $80,000 Federal MSRP cap.
Victory lap
As if to celebrate, Hyundai announced that it was taking on the celebrate One Lap of America road rayy and race event in a factory collaboration with the track-focused enthusiasts at Grassroots Motorsports this week with One Lap veterans Andy Hollis and Tom Suddard campaigning a stock, 601 hp 2025 Hyundai IONIQ 5 N in the Alternative Fuels class.
“After winning our class in a gutted, caged race car last year, we wanted to compete in the best-of-all worlds this year: A vehicle that’s incredibly fast, incredibly comfortable on a road trip, and incredibly capable on a racetrack,” explains Suddard. “Electrification means it’s finally possible to have huge power without huge compromises in a street car, and the IONIQ 5 N promises to pair that huge power with the durability and capability to survive a week of racing.”
One Lap is widely regarded as one of the toughest street-legal motorsports events in the world, pitting amateur and professional drivers alike compete in stock and heavily modified vehicles of every description, battling it out in a series of scored challenges, including timed events at road courses, drag strips, skid pads, and autocross courses.
In between tracks, competitors safely travel thousands of miles around the country, proving the mettle and durability of the vehicles and the teams that drive them. This year, 86 teams from all over the country will compete in 17 scored events over the course of eight days at tracks like Virginia International Raceway and NCM Motorsports Park.
The Tire Rack One Lap of America is currently underway – you can track the Hyundai’s progress here, then let us know what you think of this new tax development in the comments.
SOURCES | IMAGES: Hyundai, One Lap of America; FuelEconomy.gov.
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