General Motors (GM) has announced that it will offer buyouts to U.S. Buick dealers who do not opt in to the brand’s plans to be all-electric by 2030.
The automaker will offer the buyout program to the brand’s 2,000 U.S. dealers, reported GM spokesperson Michelle Malcho. Dealers who accept the Buick buyout could still sell other GM brands.
The Buick line is the second premium brand to shift toward an all EV future.
The company’s Cadillac brand went through a dealer buyout program earlier this year. The automaker asked its 880 Cadillac franchises to invest at least $200,000 to sell EVs. Hundreds of dealers opted for the buyout instead.
Malcho reported the brand does not have an estimate on how many dealers might accept the Buick buyout plan as the OEM moves forward with electrification plans.
"This forward product offering needs to be combined with an exceptional customer experience," she noted in a statement. "The future dealer requirements are a logical and necessary next step on our path towards electrification to ensure our dealers are prepared to sell and service these unique vehicles properly in order to provide customers an exceptional experience. We see Buick's dealers network as a business advantage, and they will remain a critical part of the retail and relationship chain with customers."
Buick unveiled the Wildcat concept to preview its future EV lineup. It is resurrecting its Electra name for its EVs, beginning with the 2024 model year, as it phases out gas-powered offerings.
GM strives for a full EV lineup by 2035 and will invest $35 billion on EVs and autonomous vehicles by 2025 as it introduces 30 electric nameplates globally.