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Without an SUV classification, the Cadillac Lyriq exceeds the price threshold for federal tax credits for EVs.
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U.S. electric vehicle purchases climbed to 5.8% of all vehicles sold in 2022, up from 3.2% in 2021, according to Motor Intelligence.
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The Detroit automaker sold 1.86 million vehicles in 2022, down from 1.91 million in 2021.
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In the fourth quarter, Stellantis reported new vehicle sales declined 16% to 347,669 vehicles.
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The U.S. Energy Department finalized a $2.5 billion loan to a joint venture of General Motors Co. and LG Energy Solution for three lithium-ion battery cell manufacturing facilities.
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Building more parts in-house rather than purchasing them from other suppliers makes financial sense and retains jobs, said CEO Jim Farley.
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The automakers take two very different approaches to EV production but with many of the same goals in mind.
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Ford, GM say they’ll ship unfinished vehicles by year’s end as supply issue eases.
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Shares closed Tuesday at $13.09 apiece, down by 12.3%, shaving $7 billion off the automaker’s market value.
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General Motors will offer buyouts to U.S. Buick dealers who do not opt in to the brand’s plans to be all-electric by 2030.
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