Hyperdrive
GM’s Electric Bet Is Likely to Cost the Carmaker Market Share
- Honda and Hyundai will refresh lineups faster than rivals
- Global sales expected to fall 20% this year amid pandemic
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General Motors Co.’s ambitious push into electric vehicles could pose a near-term risk as the automaker spends less to replace its more profitable gas-powered vehicles, according to a Bank of America Global Research report.
GM’s $20 billion investment in electric models and self-driving technology over the next five years makes it one of the most aggressive carmakers when it comes to rolling out plug-in models, along with Germany’s Volkswagen AG. But the Detroit-based company plans to refresh only about 65% of its current sales volume with revamped vehicles, which is third-to-last among major manufacturers. VW is just ahead of GM at 66%.