General Motors GM made a series of announcements aimed at accelerating the mass adoption of electric vehicles (EVs) in a virtual keynote at the CES 2022 event yesterday.
The Detroit, MI-based automaker gave an insight into the major electrification strides it has been taking in its quest to achieve its vision of creating a world with zero crashes, zero emissions and zero congestion.
The star of General Motors’ presentation at the event was the global debut of the 2024 Chevrolet Silverado EV. Chevrolet finally revealed its first all-electric pickup truck, the 2024 Silverado EV, based on General Motors’ Ultium EV platform and packed with the power and capability expected of Chevy Trucks. This re-imagined pickup truck has the major advantage of being built from the ground up as an EV.
The truck will be available in two configurations, an RST First Edition and a fleet-oriented Work Truck (“WT”) model, with both flaunting a cutting-edge mix of performance, capability, technology and style.
The first variant to arrive in spring 2023 will be the Silverado EV WT, with the largest battery pack promising a range of 400 miles on a full charge and up to 10,000 pounds of trailering capacity. The WT model boasts of its impressive capability to meet the company’s sustainable transportation goals. It will offer 510 horsepower and 615 lb-ft of torque, 8,000 pounds of towing and 1,200 pounds of payload. After initial launch, Chevrolet plans to roll out a fleet-exclusive model with up to 20,000 pounds maximum trailering. The WT variant will be priced from $39,900 (excluding destination and freight charges) with the standard battery pack.
In the fall of 2023, Chevrolet will launch the fully loaded Silverado EV RST First Edition model with a 400-mile range, priced at $105,000 (excluding destination and freight charges). This model, as well as non-First Edition RST variants, will sport 664 horsepower and more than 780 lb-ft of torque, enabling 0-60 mph acceleration in less than 4.5 seconds. On the capability front, the RST will offer up to 10,000 lbs of maximum trailering and up to 1,300 pounds of payload.
Customers splurging on the RST First Edition will also get access to features like four-wheel steering, Automatic Adaptive Air Suspension (raises or lowers up to 2 inches/50 mm), Multi-Flex Midgate that expands cargo capability while maintaining seating for a rear row passenger, and Available Multi-Flex Tailgate with power release, to name a few.
Both the Silverado EV WT and RST will get standard DC fast charging at up to 350 kW and will offer up to 10.2 kW of offboard power at up to 10 outlets.
Other Noteworthy Announcements at the CES 2022
Beyond the Silverado EV, Chevrolet noted that it will expand its EV fleet in fall 2023 to include the Equinox EV, an affordable, functional, compact SUV with price starting from $30,000 in the United States. The Equinox EV, which will be launched with both fleet and retail versions, including LT and RS trims, will be built on GM’s Ultium Platform. Along with this, a larger Chevrolet Blazer EV SUV will also hit the markets in 2023. These three Chevrolet EVs aim to take the automaker’s EV game a notch higher and give intense competition to other established EV players.
At the CES event, GM’s commercial EV business — BrightDrop — announced the addition of Walmart to its expanding roster of customers. It revealed that it has inked an agreement with Walmart to supply 5,000 EV600 and smaller EV410 electric delivery vans to cater to the retail giant’s growing last-mile delivery network and goal of operating a zero-emission logistics fleet by 2040.
BrightDrop also announced the extension of its relationship with FedEx, which has signed an agreement with the former, reserving priority production for 2,000 electric delivery vans over the next few years. This agreement scales up FedEx’s initial reservation of 500 BrightDrop EVs announced last year. Further, FedEx is working on a strategy to add up to 20,000 more units in the years to follow and also has plans to expand its testing of BrightDrop’s EP1 electrified container to 10 markets in 2022.
The decision of two major companies to adopt BrightDrop’s electric delivery vans as part of their sustainability goals demonstrates the growing momentum for BrightDrop’s electric delivery solutions.
At the showcase, GM’s Cadillac expanded its vision of personal autonomous future mobility with the launch of the InnerSpace concept. InnerSpace expands the Cadillac Halo Concept Portfolio of vehicles with a vision to not only move passengers in a luxurious environment but rev up their well being. The company also gave a video glimpse of future luxury travel with another concept — the OpenSpace — to be introduced later. These two new concepts are building on the PersonalSpace vertical takeoff and landing vehicle, and the SocialSpace personal autonomous vehicle introduced at CES last year. Together, these four represent a potential future for multimodal luxury travel.
Apart from this, the company revealed that Cruise remains on track to deliver the first personal autonomous vehicle by mid-decade. Further, the automaker’s first-generation ADAS — Super Cruise — will be made available on 22 models across GM brands by 2023, while Ultra Cruise, which will enable door-to-door hands-free driving, is set to enter production in 2023, with the Cadillac CELESTIQ premium sedan being among the first models to be integrated with the technology.
Zacks Rank & Other Key Picks
General Motors currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other stocks in the auto space that investors can consider include -- Fox Factory Holdings FOXF, Genuine Parts GPC and LKQ Corporation LKQ -- all of which carry a Zacks Rank of 2 currently.
Fox Factory has an expected earnings growth rate of 16.67% for the fourth quarter of 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by two cents in the past 90 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in the last four quarters, delivering an earnings surprise of 15.85%, on average. FOXF has surged 33% in the past year.
Genuine Parts has an expected earnings growth rate of 4.61% for the fourth quarter of 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by 7 cents in the past 90 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in the last four quarters, delivering an earnings surprise of 15.97%, on average. GPC has surged 33.9% in the past year.
LKQ Corp has an expected earnings growth rate of 11.59% for fourth-quarter 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by a penny in the last 90 days.
LKQ Corp’s earnings beat the Zacks Consensus Estimate in the last four quarters, delivering an earnings surprise of 34.37%, on average. LKQ has rallied 53.9% in the past year.
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