GM drops “Ultium” branding for EVs in North America, adjusts 2024 production target to 200,000 units.
Chevrolet Bolt EV and EUV models to be redesigned onto current EV platform in 2025.
GM reports strong EV sales growth, with 60% increase year-over-year in Q3 2023.
General Motors has announced it will discontinue the “Ultium” branding for its electric vehicle (EV) platform, batteries, and components in North America. According to Automotive News, this decision is part of a broader strategic shift in the company’s EV business expansion, which reported on a recent investor call.
The “Ultium” name, introduced in 2019, will no longer be used for GM’s North American EV products. However, the Ultium Cells battery manufacturing facilities will retain the “Ultium” designation.
GM has revised its EV production targets for 2024, now aiming to build approximately 200,000 EVs. This figure represents a reduction from the earlier forecast of 250,000 to 300,000 vehicles. Despite this adjustment, the company reported strong growth in EV sales, with 32,095 units sold in the U.S. during the third quarter—a 60% increase year-over-year. Total EV sales through September exceeded 70,000 units.
In line with its evolving strategy, GM plans to redesign the Chevrolet Bolt EV and EUV models onto its current EV platform in 2025. This move aligns with the company’s focus on enhancing profitability within its EV lineup.
CEO Mary Barra addressed the company’s progress during the investor call. “This inflection point in EV profitability is arriving much faster than many people thought, but it’s driven by the strategy we began executing in 2018,” Barra stated. She added, “The drivers are tailwinds that are within our control.”
GM has decided to slow down certain EV investments due to slower-than-anticipated consumer demand. However, the company reports benefiting from decreased battery costs and expanded production capabilities at its Ultium Cells battery plants.
