GM, Leading with Electric Vehicles to Knock on Europe's Door Again

President of GM Overseas Business Division, Key Market Executive Meeting

Amin Silpan, President of Overseas Business Division, GM

[Asia Economy Reporter Choi Dae-yeol] General Motors (GM) has decided to launch electric vehicles (EVs) in Europe. The company is also establishing local organizations and personnel. This move is interpreted as a response to the changed market conditions compared to when GM withdrew five years ago.

According to Korea GM on the 29th, Shilpan Amin, President of GM Overseas Operations, held a meeting with executives from various overseas markets yesterday to share this information. It appears that the strategy was revised due to the rapid increase in EV adoption within a short period.

GM has formulated mid-to-long-term plans to launch EVs not only in North America and China but also in major markets worldwide. The strategy aims to achieve competitive advantage through economies of scale. In Korea, GM plans to launch 10 EV models by 2025. In the Middle East, 13 models including the Bolt EUV, GMC Hummer EV, and Cadillac Lyriq will be introduced. In South America, models such as the Bolt EUV and Blazer EV will be launched.

Additionally, the company stated that it is considering launching EVs in Europe, Japan, Australia/New Zealand, and Israel. Previously, GM withdrew from Europe in 2017 by selling brands and factories it had acquired from former European makers such as Vauxhall, citing profitability and other reasons.

The company said, "We are planning and strategizing for the future by securing new talent and reorganizing teams in Europe," adding, "Our European market strategy offers important opportunities for the company in mobility, software, connectivity, and delivery/logistics sectors through startups."

Electric vehicles currently released or under development by GM

In the past, Korea GM had strengths in developing and producing compact cars and was at the forefront of exports to Europe. GM’s withdrawal from Europe dealt a significant blow to Korea GM as well. Although the company has declared its re-entry, it is currently difficult to be optimistic about an increase in exports to Europe, as there are no current plans for EV production for that market.

Meanwhile, the meeting also discussed continuous investment in electrification transition. President Amin said, "Recently, the Warren Technical Center has been designated for the production of Cadillac’s flagship EV model, the Celestiq, and pre-orders for the Cadillac Lyriq have started in the United States," adding, "Pre-orders will also begin in overseas markets."

He also stated, "The design of the Chevrolet Blazer EV was recently unveiled, and pre-orders for the GMC Hummer EV have exceeded 73,000," and "Sales of the Bolt EV and EUV are expected to reach record highs this year and next." Roberto Rempel, President of Korea GM, said, "GM’s full electrification vision will accelerate further based on Korea’s high sales volume and the EV engineering capabilities of GM Technical Center Korea."