GM Scoring Big in Electric Vehicles
GM Has #1 Electric Vehicle in China
|Source: GM's MINI EV That #1 China EV Seller|
GM Just Inked a Deal with E-Truck Maker Nikola
Two big surprises from GM. Its micro electric vehicle made by GM's Chinese joint venture is the #1 selling electric vehicle in China. It sold 15,000 cars in August beating Tesla's 11,800 Model 3 sedans.
Hongguang MINI EV
The model is called the Hongguang MINI EV. It's a two-door micro-mini EV that was launched this past July by the joint venture between GM, SAIC Motor Corporation and SGMW. The starting price is very low at $4,200. That price is less than 10% of the cost of Tesla's Model 3.
Meanwhile, Wall Street is cheering news that GM and electric truck startup Nikola will join forces to build electric pickup trucks and commercial trucks powered by fuel cells. Their intent is to compete hard against Tesla's e-trucks. GM has taken an 11% stake in Nikola, which is headquartered in Phoenix, Arizona. The stake is valued at $2 billion. In return for the Nikola shares, GM will supply Nikola with a chassis architecture, batteries, fuel cell systems and a factory to build Nikola's upcoming Badger pickup truck. GM will also supply fuel cell technology for Nikola's planned Class 7 & 8 commercial trucks.
GM expects to realize a total of $4 billion in value from the Nikola deal. GM's first electric pickup truck, the GM Hummer, is due out in the market in late 2021. And, the Nikola Badger will go into production by the end of 2022. Clearly, GM is embracing a future of electric, zero emissions vehicles.