General Motors Company GM recently announced thatit would price its first next-gen electric vehicle, Cadillac Lyriq electric SUV, at below $60,000, after unveiling the latest model last week.
The Lyriq, expected to be on the roads by late 2022, will have 300 miles of expected range on a full charge based on Cadillac testing. The Lyriq will offer at-home Level 2 AC charge rates up to 19kW and public DC fast-charging rates of up to 150 kW.
The Lyric is also fitted with the General Motors driving system, Super Cruise, which allows 200,000 miles of hands-free highway driving and automatic lane change. Additional technologies include a dual-pane augmented reality-enhanced head-up display and remote self-parking. The Dual-Pane system shows standard speed information in close vicinity, and shows critical warnings and instructions in distance overlays.
General Motors is focusing on electric and autonomous vehicle development to adapt to the changing dynamics and customer preferences. The top U.S. carmaker aims to spend more than $20 billion through 2025 in order to launch the gen-next EVs powered by the new low-cost batteries. The production timings of key launches like the GMC Hummer EV and Cruise Origin AV are on track, and will likely boost the firm’s long-term prospects.
Meanwhile, General Motors is aiming to roll out the new million-mile EV battery, which is more advanced than the latest Ultium battery that was unveiled in March. It is also focused on bringing its battery cost below $100/kWh, by using larger cells that require fewer connectors and other parts to function, and reducing the use of high-cost cobalt in its batteries. The company is currently developing other EV technologies as well, including ultra-fast charging technology, zero-cobalt electrodes, and solid state electrolytes.
Zacks Rank & Other Stocks to Consider
General Motors currently flaunts a Zacks Rank #1 (Strong Buy). Shares of the company have depreciated 24.7%, year to date, as against the industry’s rise of 91.8%.
Other top-ranked stocks in the auto sector include Sonic Automotive Inc. SAH, AutoNation, Inc. AN and LCI Industries LCII, each sporting a Zacks Rank of 1, at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Sonic Automotive have gained 46.4%, year to date, compared with the industry’s rise of 16.8%.
Shares of AutoNation (AN) have appreciated 46.4%, year to date, compared with the industry’s rally of 16.8%.
Shares of LCI Industries have been up 18.4%, year to date, compared with the industry’s rise of 0.1%.
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