Last Wednesday, General Motors (NYSE: GM) revealed the three motors that will fuel its upcoming lineup of next-generation electric models that will be built on its Ultium battery-powered platform. The Detroit automaker is hoping that its annual two-day Investor’s Day event scheduled for October 6th will improve weakened investor sentiment.
The Motors to Fuel GM’s EV Future
GM revealed some technical data to support the announcement it made one year ago when it revealed it will add a series of five drive units and three motors to its Ultium modular battery system.
Moreover, the automaker will not only develop the Ultium Drive platform but also build all of them in house, more precisely two permanent magnet motors, of 180kW and 255kW respectively, along with one induction motor, a smaller 62 kW auxiliary motor to assist with four-wheel drives and help get the vehicle unstuck. It could also be disengaged in order to improve efficiency whereas the permanent magnet design used in more powerful versions will reduce the need for rare earth minerals. The trio will come in three power levels. Moreover, they will be mixed and matched based on the requirements of each model.
GM also revealed that the upcoming GMC Hummer EV will use three of the 255-kilowatt units with two being in the rear and one in the front to reach its advertised 1,000 hp rating.
The Ongoing Semi-Conductor Shortage
Without an end in sight, the newest estimates by consulting firm AlixPartners state that the semiconductor chip shortage will trim the global automotive industry revenue by $210 billion. The newest forecast is nearly double the $110 billion projected in May as 7.7 million units of production are expected to be lost this year, compared to 3.9 million forecasted back in May. GM has not been exempted from this blow as it now expects to withhold or cut production on about 200,000 vehicles in North America during the second half of the year, which is double the 100,000 units it expected when it reported second-quarter earnings in August.
EV News
BrightDrop, the automaker’s commercial EV business, will be adding a second van to its lineup in 2023. The new van was announced when the initial EV600 were completed to be delivered to FedEx Corporation (NYSE: FDX). GM has joined forces with a German auto supplier Kuka to help produce these initial builds.
The midsize commercial van, the EV410, is supposedly going to Verizon Communications Inc (NYSE: VZ). It is basically a smaller version of the EV600 as they look similar and offer a 250 miles range when fully charged. The assembly plant in Ontario, Canada, is currently being retooled for the production of both the EV410 and the large van. The production of the EV600 is scheduled for November next year, according to BrightDrop CEO Travis Katz.
Outlook
Although Tesla Inc’s (NASDAQ: TSLA) Elon Musk believes the chip shortage is a short-term problem, it is an issue lasting far longer than overly-optimistic forecasts published in the first quarter of 2021. Many experts estimate that supply disruptions will persist until at least the second quarter of the following year, which will result in GM failing to meet the demand as its factories will starve for parts. Less than two weeks ago, it scheduled additional downtime at seven plants in the US, Canada, and Mexico, reflecting the chronic headwind that will undoubtedly hamper its EV plans in one way or another.
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