News Release Details

• Electrification components applied to EV conversion projects, commercial equipment, marine applications and more
• Expanding GM’s technology platforms beyond its core portfolio will drive growth beyond vehicle sales and enable new business models

DETROIT – Guided by its vision of a world with zero crashes, zero emissions and zero congestion, General Motors announced today its strategy to offer EV technology beyond its own portfolio and automotive applications more broadly, one component at a time. This approach will enable GM to expand its reach to a larger, more diverse group of commercial customers, helping organizations meet the growing demand for zero-emissions technology while achieving their own sustainability targets.

“GM has an established strategy, network of integrators and co-development agreements to apply an extensive array of components and solutions to a broad range of customers and use cases,” says Travis Hester, GM vice president of Electric Vehicle Growth Operations. “As companies across many industries look to reduce their environmental impact, GM is uniquely positioned to serve as a leader not only through exciting new EVs across our brands, but through additional technology applications, and we look forward to bringing customers – existing and new – along with us on our zero-emissions journey.”

The company estimates that the total addressable market¹ for electrification components could near $20 billion by 2030, as a growing number of industries introduce their own emissions reduction goals.

Examples of initial EV component sets that GM will begin introducing include:

• Chevy Performance and Aftermarket: The upcoming Electric Connect and Cruise eCrate Package represents an exciting opportunity for GM to extend EV technology to the aftermarket, enabling customers to work with qualified installers through GM’s electric specialty vehicle modifier (eSVM) program who have been properly trained to replace a vehicle’s traditional internal combustion engine with a fully electric propulsion system. GM’s demonstrated proof-of-concept electric conversion vehicles include the E-10 pickup, K-5 Blazer-E, eCOPO Camaro, and Project X built in collaboration with Cagnazzi Racing’s eCrate Solutions Group. Now, an electrified 1972 El Camino SS, developed with Lingenfelter Performance Engineering in Brighton, Michigan, represents the first independent installation of the concept eCrate package, and boldly ushers in the next generation of EV components from Chevrolet Performance as the program prepares to launch in 2022.
• GM Powered Solutions: GM Powered Solutions will begin introducing tailored electric component sets and will leverage the resources of GM’s Powered Solutions team to actively identify opportunities that could benefit from electrification and will work to strategically integrate the latest EV technology into custom applications. This effort will extend the company’s commitment to an all-electric future through its current GM Marine, On-Highway, Off-Highway and Industrial segments and help enable additional enterprises to reach their own emissions targets utilizing GM EV components and systems. Additional information about GM Powered Solutions is available here.
• Ground Support Equipment: In a strategic collaboration with Textron Ground Support Equipment Inc., a Textron Inc. (NYSE: TXT) company, GM will provide EV components to electrify Textron GSE’s TUG™ line of baggage tractors, cargo tractors and belt loaders. GM will provide technology to Powertrain Control Solutions, which will integrate the components into lithium-ion electric powertrains for TUG equipment, assisting in the electrification of ground support equipment for use in airports globally.
• Marine Propulsion: In addition to supporting existing GM Marine customers, GM’s strategic investment in Seattle-based electric watercraft company Pure Watercraft represents an opportunity to bring EV technology to the marine industry and help preserve enjoyment of the outdoors for future generations. Together, the two companies will develop and commercialize battery electric watercraft to accelerate the transition to electric mobility.

Electrification components are part of GM’s effort to extend the performance and benefits of zero-emissions technology to new industries and serve as a natural extension of GM’s growth strategy.

Additional extensions include:

• GM’s HYDROTEC fuel cell commitments and co-development agreements
• Ultium Platform applications and co-development agreements
• Ultium Charge 360
• BrightDrop
• Ultifi software platform

Leveraging over 100 years of engineering and manufacturing expertise, GM intends to apply the learnings from one component set to the development of others, resulting in a larger portfolio of product offerings across a far-reaching set of applications.

In the future, the company will look to implement the latest in EV technology, regardless of battery generation or chemistry, to electrify a wide range of applications across industries.

“Our customers will benefit from GM’s vast network of resources, support and experience as an innovator in the electrification space” Hester said. “As we advance our Ultium Platform and other zero-emissions technologies, we anticipate smaller, more affordable, and more flexible components and offerings over time.”

Additional information and specific product applications for each opportunity will be disclosed at a later date.

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.

 

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgement about possible future events and are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

¹ Internal GM Forecasts from Investment Bank Data; calculated from extrapolating existing fleet volume, growth, sales and applying electrification penetration forecast assumptions

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CONTACT:

Mark Lubin

GM Communications

313-348-1293
mark.lubin@gm.com

Stu Fowle

GM Communications

313-618-8851
stuart.fowle@gm.com