Without an SUV classification, the Cadillac Lyriq exceeds the price threshold for federal tax credits for EVs.
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.
The Detroit automaker sold 1.86 million vehicles in 2022, down from 1.91 million in 2021.
In the fourth quarter, Stellantis reported new vehicle sales declined 16% to 347,669 vehicles.
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.
Building more parts in-house rather than purchasing them from other suppliers makes financial sense and retains jobs, said CEO Jim Farley.
The automakers take two very different approaches to EV production but with many of the same goals in mind.
Ford, GM say they’ll ship unfinished vehicles by year’s end as supply issue eases.
Shares closed Tuesday at $13.09 apiece, down by 12.3%, shaving $7 billion off the automaker’s market value.
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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