📈 GM Investor Day 2024: EV Growth, Hummer Discounts, and the Fight to Catch Tesla

TL;DR:

GM’s juggling EV dreams, gas-powered profits, shaky side mirrors, and Costco discounts on the Hummer EV. Investors are nervous, but GM promises it’s all under control—just ignore the lawsuit and shrinking sales. Can they catch Tesla? Maybe. Can they survive the wild ride? We’ll see.

Today's Email

• 💗 Investor Day: Easing Nerves, EV Ambitions, and …

• 🗓️ Q3 Sales EV Gains Amid an Overall Dip

  • Winners

  • Struggling

• 🛍️ What’s the Deal with the Hummer EV Discount?

  • Can I really get a discount on a Hummer EV?

  • Are there any other EV deals I should know about?

  • Is the Hummer EV any good?

• 🚂 EVs are Picking Up Steam—But Can They Catch Tes …

• 🤷 Steady Progress or Losing Ground?

BUSINESS

💗 Investor Day: Easing Nerves, EV Ambitions, and SUV Power Moves

At GM’s upcoming investor day, the tone is set to shift from ambitious growth to measured stability. Shareholders have been on edge as electric vehicle (EV) losses and rising competition from China loom large, but GM is coming prepared with a strategy that emphasizes profitability in the short term. Remember GM's bold 2021 investor day, where CEO Mary Barra laid out grand visions of doubling revenue and leading the EV market? Yeah, this time, it’s all about managing expectations.

Here’s the breakdown:

• Focus on SUVs: GM is rolling out eight refreshed SUVs by 2025, including the Chevrolet Equinox, Buick Enclave, and Cadillac Escalade, aiming to keep those gas-powered profits flowing.

• ICE (Internal Combustion Engine) Wins: While EVs steal headlines, GM wants investors to remember that their bread-and-butter combustion engines are still turning a profit.

• China Operations Woes: GM’s once-thriving operations in China are now “unsustainable without restructuring,” according to Barra herself. Yikes.

But with all eyes on the EV market, the question is: Can GM balance its gas-powered strengths with its electric ambitions? It’s a tightrope walk, and GM is hoping it doesn’t lose its balance.

🗓️ Q3 Sales EV Gains Amid an Overall Dip

Let’s talk numbers. GM’s third-quarter sales dropped by 2.2%, with a total of 659,601 vehicles sold. But before we panic, there’s some good news buried in the details. EV sales hit a record 60% increase, totaling 32,195 units. Not too shabby, right? However, that only accounts for 4.9% of GM’s total sales this quarter. The bulk of GM’s success is still being driven by traditional SUVs and trucks.

Here’s what’s driving GM’s sales:

Winners

Cadillac sales rose by 4.2%, Buick sales up 7.8%, and models like the Chevrolet Trax, Cadillac XT4, and GMC Sierra kept the wheels turning.

Struggling

Chevrolet sales dropped by 6.4%, with models like the outgoing Bolt EV and the discontinued Malibu dragging things down.

So, while GM’s EV momentum is growing, it’s not quite enough to move the needle significantly just yet. But hey, it’s progress.

🛍️ What’s the Deal with the Hummer EV Discount?

Can I really get a discount on a Hummer EV?

Sure, if you really want one. Costco members can score a $1,000 discount on the purchase or lease of a GMC Hummer EV pickup or SUV through the end of 2024. But be prepared—the Hummer EV isn’t exactly the most affordable electric truck on the block. It’s a supertruck with a super price tag. The Costco deal helps, but you might still feel a pinch.

Are there any other EV deals I should know about?

Yep, the Costco Auto Program has also offered discounts on the Cadillac Lyriq, Chevy Equinox EV, and Polestar 2 in the past. So, if you’re a Costco member and EV-curious, it’s worth keeping an eye on their offers.

Is the Hummer EV any good?

If you like spaciousness, durability, and maneuverability wrapped in a beast of an EV, then yes. Just make sure your driveway—and budget—can handle it.

🚂 EVs are Picking Up Steam—But Can They Catch Tesla?

GM has gained a 9.5% market share in the U.S. EV space, up from 7.1% last quarter. Not bad, right? But before popping champagne bottles, let’s remember Tesla is still way ahead. Miles ahead, to be exact. GM’s Cadillac Lyriq, Chevy Equinox EV, and Hummer EV are part of its growing electric lineup, and the company believes momentum is finally on its side.

Still, GM is pulling back on some of its original EV targets, acknowledging the EV race is more of a marathon than a sprint. Here’s hoping they’ve trained for the long haul, because Tesla isn’t slowing down.

🤷 Steady Progress or Losing Ground?

GM is juggling a lot right now: an EV push, keeping profits up in a slowing market, legal headaches, and trying to catch up to Tesla. The company’s investor day will reveal more about how they plan to balance it all, but for now, GM’s strategy seems to be one of cautious optimism.

• EV growth? Check.

• Gas-powered stability? Also check.

• A long road ahead to outpace the competition? You bet.

Stay tuned—2025 is shaping up to be a big year for GM, and we’ll be watching to see if they can truly lead the charge or if they’ll find themselves stuck in the slow lane.

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