General Motors Co. (NYSE: GM) is one of several global automakers that has pledged to develop a full lineup of electric vehicles within the next decade.
To get the ball rolling early, GM released the Chevrolet Bolt SUV on Sunday, revealing a larger and more traditional electric vehicle that could signal what’s to come.
General Motors Chevrolet Bolt Gets Bigger
The Chevrolet Bolt is manufactured by General Motors in partnership with LG Corporation, which supplies the battery technology and elements of the drivetrain. Released in the United States in 2015, the Bolt has been a popular model thanks to its quietness, performance, efficiency, and competitive cost.
However, the Bolt has always been a hard sell to some consumers. The original design was that of a compact hatchback, and GM will continue to produce models based on the original concept. The latest SUV is a departure from the original Bolt, offering a larger, taller, and longer car with more range and performance.
The new SUV, or EUV (Electric Utility Vehicle) as GM has referred to it, will sell for a base price of $33,995 in the United States and will be released this summer as a 2022 model. GM will market the car in select international markets.
This latest EV will bring the total number of available models in the U.S. to 23 when counting all manufacturers. There could be as many as 30 unique models on sale by the end of this year.
GM itself has promised to have at least 30 fully electric models available for sale by 2025. The company is focused on what it calls a “zero-emissions future.”
The New Bolt SUV Will Improve Over Time
General Motors is now in a stronger position to compete with Tesla and other automakers that shift their attention to electric vehicles. The latest Bolt will have a range of at least 250 miles or 400 kilometers. Batteries may be upgradable in the future to improve range. Some Chinese manufacturers have offered battery-swap programs to consumers as technology advances, and American automakers may eventually do the same. GM is continually working with LG to improve its battery technology to reduce cost and increase efficiency.
GM’s stock has been growing in the year to date, and the news of a new electric SUV could help to push the rally further. With a promising future in the electric vehicle market,General Motors is an investment that should be considered in February. With an average target price of $64.69 and a high-end target price of $80.00, there could be strong returns for investors who buy now.
You may be interested
Job Hiring is Picking Up as Employers and Consumers Gain ConfidenceLamont J - March 29, 2021
The recent government stimulus for small and medium-sized businesses, personal stimulus checks, and declining Coronavirus cases, are all great news…
Fed Could Maintain 0% Interest Rate Until 2024Adam R - March 26, 2021
The Federal Reserve is holding its target interest rate in a range of 0.00% - 0.25%, even while the economy…