'It's not a trend it's a truck', says GM President Mark Reuss on electric Chevy Silverado
TLDRGeneral Motors (GM) President Mark Reuss discusses the company's commitment to electric vehicles (EVs) despite a recent industry slowdown in EV sales. Reuss highlights the importance of the Chevrolet Equinox, an affordable EV starting at $34,995 with a 300-mile range, positioning it as a strong contender in the mid-range market. He also addresses the Chevy Silverado EV, emphasizing that it is not just a trend but a truck with substantial towing capacity and advanced features like full steering and air ride suspension. Reuss expresses confidence in the demand for the electric pickup truck, noting GM's expertise in the truck market and the unique design of the Silverado EV. He also touches on the company's strategy for battery technology and cost management, mentioning GM's vertical integration and recent advancements in producing battery cells and packs to maintain a competitive edge in the EV market.
Takeaways
- 🚗 General Motors (GM) is increasing production of battery cells and packs in response to a slowdown in electric vehicle (EV) sales across the industry.
- 💰 The new Chevy Equinox is positioned as an affordable electric vehicle, starting at $34,995 with a range of over 300 miles.
- 🌟 GM President Mark Reuss emphasizes the Equinox's value and design, stating it is an 'awesome vehicle' and a 'great statement' for the company.
- 🛻 The electric Chevy Silverado is not just a trend but a truck with a towing capacity of 10,000 pounds, a deployable midgate, and advanced features like full steering and air ride suspension.
- 📈 GM holds a significant market share, nearly 46%, in the total pickup truck market and is confident in its ability to deliver a refined and desirable electric pickup truck.
- 🔋 The company has made strategic decisions to vertically integrate its operations, including battery production, to control costs and maintain a competitive edge in the EV market.
- 🏭 GM has recently completed the vertical integration at its Tennessee plant, enabling it to manufacture modules and packs for its electric vehicles in-house.
- 🛠️ The transition to electric vehicles involves automation and skilled labor, with GM focusing on both to improve efficiency and quality in its production process.
- 🚧 Despite a slowdown in EV sales, GM is committed to its electric vehicle strategy and is excited about the advancements it has made in battery technology and production capabilities.
- 💡 The design of the electric Silverado is highlighted as a key selling point, with Reuss describing it as 'gorgeous' and a standout in the market.
- 🚨 GM is aiming to secure a significant share of the entry-level EV market by offering competitively priced vehicles with advanced features and technology.
Q & A
What is General Motors ramping up production of?
-General Motors is ramping up production of battery cells and packs.
What has been the trend in EV sales across the industry?
-EV sales have seen a slowdown across the industry.
What is the starting price for the new electric vehicle that General Motors is introducing?
-The starting price for the new electric vehicle is $34,995.
What is the range of the new electric vehicle?
-The new electric vehicle has a range of over 300 miles.
What does Mark Reuss, GM President, say about the Chevy Silverado EV in terms of market demand?
-Mark Reuss believes there will be strong demand for the electric pickup truck, emphasizing that the Silverado is not just a trend but a truck with significant capabilities and design.
What are some of the features that make the Chevy Silverado EV stand out?
-The Chevy Silverado EV has a range of 440 miles, a towing capacity of 10,000 pounds, a deployable midgate, full steering, air ride, and is considered one of the most refined pickup trucks ever made.
What percentage of the total pickup truck market does General Motors hold?
-General Motors holds close to 46% of the total pickup truck market.
How has General Motors approached the transition to electric vehicles?
-General Motors took a lot of hard decisions and vertically integrated the company, including making battery modules and packs in-house to control costs and supply.
What are some of the challenges General Motors faced in the transition to electric vehicles?
-The challenges included making the decision to start ahead of the competition, vertically integrating the company, and the complexity of manufacturing battery modules and packs.
What is the significance of the vertical integration in the production of electric vehicles for General Motors?
-Vertical integration allows General Motors to control the production of battery cells and packs, which is crucial for keeping costs low and ensuring a consistent supply for their electric vehicles.
How does Mark Reuss describe the design of the Chevy Silverado EV?
-Mark Reuss describes the design of the Chevy Silverado EV as gorgeous and having everything, indicating that it is both aesthetically pleasing and feature-rich.
What is General Motors' strategy to gain an unfair share of the entry-level electric vehicle market?
-General Motors' strategy involves vertical integration, automation, and skilled labor to produce high-quality electric vehicles at competitive prices, aiming to offer better value and design than competitors.
Outlines
🚗 GM's Commitment to Electric Vehicles
General Motors (GM) is increasing its production of battery cells and packs amidst a slowdown in EV sales across the industry. The company's president discusses the significance of the Equinox, an affordable electric vehicle starting at $34,995 with a range of over 300 miles. He shares his positive experience driving the vehicle during winter and emphasizes the demand for electric pickup trucks, specifically the Silverado EV. Despite initial expectations of heavier demand, the president is confident about the truck's appeal, highlighting its features such as a 440-mile range, 10,000 pounds of towing capacity, deployable midgate, full steering, air ride, and elegant design. He also mentions GM's expertise in the pickup truck market, which holds nearly 46% of the total market share, and the company's strategic decision to vertically integrate its production process to manage costs and supply chain for electric vehicles.
Mindmap
Keywords
💡General Motors
💡EV Sales Slow Down
💡Equinox
💡Price Point
💡Range
💡Silverado EV
💡Towing
💡Deployable Midgate
💡Market Share
💡Battery Technology
💡Vertical Integration
Highlights
General Motors is increasing production of battery cells and packs amidst a slowdown in EV sales industry-wide.
GM President Mark Reuss emphasizes the importance of the Equinox in the mid-$30,000 price range for affordable electric vehicles.
The Equinox EV starts at $34,995 with a range of over 300 miles, positioning it in the heart of the EV market.
Mark Reuss shares his personal experience with the Equinox, expressing enthusiasm for its performance.
Contrary to expectations, the electric Silverado EV is not facing heavier demand, leading to questions about its market performance.
Reuss distinguishes the Silverado as not just a trend but a truck with specific features like a 440-mile range and 10,000 pounds of towing capacity.
The Silverado EV includes innovative features such as a deployable midgate and full steering, making it one of the most refined pickup trucks.
General Motors holds nearly 46% of the total pickup truck market, showcasing their expertise in truck manufacturing.
Reuss believes there is no other truck on the market that offers the same value and design as the Silverado EV.
The design of the Silverado EV is highlighted as gorgeous and comprehensive, setting it apart in the electric truck market.
GM has taken steps to vertically integrate the company to lead the transition to electric vehicles, starting four years ago.
GM's Tennessee plant is now capable of supplying all the cells and packs in modules for their electric vehicles.
The company is excited about the automation and skilled workforce involved in the production of their electric vehicles.
GM's strategy includes making hard decisions and focusing on segments that will give them an unfair share of the entry-level EV market.
The company's focus on affordability and innovation aims to justify their ramp-up in production despite industry pullbacks.
Mark Reuss is confident in the value proposition of the Silverado EV, stating it offers everything a customer could want in a truck.