GM’s EV Gamble Could Be Toyota’s Gain as Carmakers Place Bets

General Motors Co.’s plan to bring out the most electric vehicles in the U.S. over the next three years may end up ceding market share to the likes of Toyota Motor Corp. and Honda Motor Co., which are choosing to emphasize refreshing their more-profitable gasoline-burning vehicles, according to a report from Bank of America.

GM will replace only 14% of its annual sales volume with new models from 2022 to 2024, about half the rate Honda will freshen its cars. Toyota will replace its lineup at a rate of 26%, beating the industry average of 21%. Ford will replace 17% of its volume with new vehicles while pushing more EVs, according to the annual Car Wars study produced by BofA analyst John Murphy.