GM Plans to Sell Electric Vehicle Components to Other Industries
General Motors Co. on Wednesday announced plans to expand sales beyond the consumer level and offer electric vehicle (EV) components as well as other electrification technology to commercial and enterprise customers across industries — reports Automotive News.
GM estimates that the total addressable market for electrification components could grow to $20 billion USD by 2030 as businesses in every sector transition to sustainability and establish emission-reduction goals, and the veteran automaker wants to carve itself a healthy piece of that pie.
“GM has an established strategy, network of integrators and co-development agreements to apply an extensive array of components and solutions to a broad range of customers and use cases,” Travis Hester, GM vice president of electric vehicle growth operations, said in a statement.
“As companies across many industries look to reduce their environmental impact, GM is uniquely positioned to serve as a leader not only through exciting new EVs across our brands, but through additional technology applications, and we look forward to bringing customers — existing and new — along with us on our zero-emissions journey.”
General Motors will initiate this expansion by introducing electric vehicle component sets for vehicle owners, including those with Internal Combustion Engines, to retrofit their products. GM will then move on to electrification components for non-automotive customers.
The company already has a number of such products in the works, including the Electric Connect and Cruise eCrate Package, launching sometime in 2022 as a product of the Chevy Performance and Aftermarket division. The package essentially replaces a vehicle’s Internal Combustion Engine with an electric propulsion system.
GM Powered Solutions also plans to introduce tailored electric component sets for custom applications in the marine, on-road, off-road, and industrial segments down the road. The company says even airport tractor equipment will be a possible use case for its expanded product offerings.
While GM has billions set aside for investment in EV production and fabrication capacity, a significant portion of the funds will go into the development of its proprietary Ultium EV batteries.
The automaker has said that its Ultium and Hydrotec fuel cell technology could have applications in other industries as well. In its Wednesday statement, GM said it aims to implement the latest EV technology in a wide range of applications across various industries, regardless of battery generation or chemistry.