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Every Electric Vehicle On Sale in 2022: Wait Times and Price
(Updated for Summer 2022)
As anyone who’s fallen head over heels for one of the many 2022 electric vehicles and clicked that ‘Order’ button can attest, just because you can order an EV in 2022 doesn’t mean you can drive it home this year. This was a problem I faced myself, but I finally broke the code and got a Hyundai IONIQ 5 at MSRP (here’s how).
Soon after I began my online car search, it became clear that if I wanted a brand-new vehicle, my options were limited by availability. To make the most of the situation, I thought I’d share what I’ve learned about the availability and estimated delivery times for EVs on the market today. Here’s what we know as we kick off the new year.
Note: These are fully-electric models that can either be ordered now or purchased at a dealership today. Many more have been announced but are not yet officially available.
| Make | Model | Class | Starting MSRP | Estimated Delivery/Lot Availability* |
|---|---|---|---|---|
| Audi | e-tron | crossover SUV | $65,900 | Available Now |
| Audi | Q4 e-tron | crossover SUV | $43,900 | Available Now |
| Audi | RS e-tron GT | sedan | $103,445 | Available Now |
| BMW | iX | SUV | $88,050 | Mid-2022 |
| BMW | i4 | sedan | $55,400 | Mid-2022 |
| Cadillac | Lyriq | SUV | $62,990 | Late-2022 |
| Chevrolet | Bolt | hatchback | $31,000 | Available Now |
| Chevrolet | Bolt EUV | crossover SUV | $33,500 | Available Now |
| Fisker | Ocean | crossover SUV | $37,499 | 2023 |
| Ford | Mustang Mach-E | crossover SUV | $43,895 | Available Now |
| Ford | F-150 Lightning | truck | $39,974 | 2023-2024 |
| GMC | Hummer EV | truck | $99,995 | Mid-to-late 2022 |
| Hyundai | IONIQ | crossover SUV | $33,245 | Available Now (Discontinued) |
| Hyundai | IONIQ 5 | crossover SUV | $43,650 | Available Now |
| Hyundai | Kona | crossover SUV | $34,000 | Available Now |
| Jaguar | I-Pace | crossover SUV | $69,900 | Available Now |
| Kia | Niro | crossover SUV | $39,990 | Available Now |
| Kia | EV6 | crossover SUV | $42,115 | Available Now |
| Lucid | Air | sedan | $77,400 | Mid-2022 |
| Mazda | MX-30 | crossover SUV | $33,470 | 2022 - CA Only |
| Mercedes | EQS | sedan | $102,310 | Available Now |
| Mercedes | EQB | SUV | ~$55,000 | Late 2022 |
| Nissan | Leaf | hatchback | $27,400 | Available Now |
| Nissan | Ariya | crossover SUV | $47,125 | Late 2022 |
| Polestar | Polestar 2 | sedan | $45,900 | Available Now |
| Porsche | Taycan | sedan | $82,700 | Available Now |
| Rivian | R1T | truck | $67,500 | 2023 |
| Rivian | R1S | SUV | $70,000 | 2023 |
| Subaru | Solterra | crossover SUV | $46,220 | Mid-to-late 2022 |
| Tesla | Model S | sedan | $94,990 | Late 2022 - 2023 |
| Tesla | Model 3 | sedan | $46,990 | Mid-to-late 2022 |
| Tesla | Model X | SUV | $104,990 | 2023 |
| Tesla | Model Y | crossover SUV | $62,990 | Late 2022 - 2023 |
| Toyota | bZ4X | crossover SUV | $43,215 | Mid-to-late 2022 |
| Volkswagen | ID.4 | crossover SUV | $40,760 | Mid-2022 |
| Volvo | XC40 Recharge | crossover SUV | $55,300 | Available Now |
| *For a vehicle ordered in May 2022, unless there's existing dealership supply. |
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What Does It All Mean? Supply and Demand Are Out of Whack
A few things might stand out to you on this list. Not a lot of options are available if you need a new vehicle right now. VW Group’s new EVs are available at many dealerships, although there are reports of major dealer markups. It’s quite easy to find EVs of the previous generation on dealer lots. Think Kia eNiro, Hyundai Kona EV, Nissan Leaf and the like.
The vast majority of 2022 electric vehicles are crossovers. No surprise there given the sales trends over the past decade. Honda doesn’t have a single EV arriving in the North American market until the 2024 Prologue electric SUV. That is surprising considering the popularity and good reputation of the brand. What will it take for automakers to catch up to demand? An end to the chip shortage would be a great step in the right direction. There’s also the supply versus demand factor. Ford, Rivian, Tesla and VW are all swamped with orders well into 2022, and even into 2023. All except Tesla are EV newcomers who are facing the same production ramp-up struggles that Tesla just barely survived a few years ago. We’ll update this page regularly as more information becomes available, so save it to your bookmarks!
Did we miss anything? Let us know in the comments below, or shoot an email to [email protected].
Used Car Price Trends for 2025 (Updated Weekly)
As we enter autumn, retail and wholesale used car prices are falling. In October 2025, the average used car listing price sits at $25,512. The car market is changing as year-end sales approach. This combination of seasonality and economic uncertainty means that used car prices will be difficult to forecast in the weeks ahead. With the continuing market volatility, it’s never been more important to track the value of your car.
👉 We also track new car prices. See the latest monthly update here.
Used Car Prices – October 2025 Update
As of October, used car prices have fallen for 25 consecutive weeks. According to the latest used car market data from Black Book, the used car prices are slowly but steadily falling at wholesale markets. These are the markets that most car dealerships buy and sell preowned inventory from. Will retail used car prices continue dropping? We’ll get into that below. First, let’s take a closer look at wholesale prices last week.
Where are used car prices headed? Let’s look at the data.
This week, wholesale used car prices continue a steady decline as the year-end car buying season appears on the horizon. That’s a great sign for buyers looking for lower prices in the weeks ahead.
In the first week of October, wholesale used car prices fell – 0.26% according to Black Book data. This drop is on par with the historical average for this time of year, following several week of larger declines.
Which used car prices are falling most? Let’s take a look at the latest data from Black Book. We’ll break it down by vehicle segment below.
Used car prices (wholesale sedans)
The overall car segment saw prices fall -0.34% this week. Most segments of sedans, from luxury to compact, saw falling prices. Midsize and luxury car prices fell the most, while full-size cars actually increased. Here’s how used car prices changed over the past week:
Used Truck Prices (Wholesale)
Used truck and SUV prices are falling in October 2025. No segments are falling sharply, but all are seeing moderate declines. Across the segment, wholesale prices fell by -0.55% last week. Buyers should expect better negotiability for used truck and crossover models as the year-end car buying season gets started. How so? Car buyers tend to focus on new car incentives during this time, lowering the demand for used cars. Buyers can use this to their advantage.
Retail used car prices are flat in October
As the data above shows, retail used car prices are basically unchanged in early October. Historically, used car prices fall during the autumn and winter months. We’ll be watching to see if that trend continues in 2025.
Lower interest may drive the demand for used cars higher in the coming months. This is something that both buyers and sellers should be aware of. Sellers are likely to have an easier time selling come December and beyond, while buyers will face increased competition.
How long does it take to sell a car in 2025?
Used cars are selling faster than they have in recent years. In the graph below, you can see how the retail days-to-sell metric has been falling over the past few months.
According to Black Book, the estimated Used Retail Days-to-Turn is now at 36 days. In other words, it take 36 days to sell a used car on average in 2025. Late last year, this number was north of 55 days. It’s interesting to note that used car prices are falling as the time to sell has fallen sharply. Usually, we’d expect to see the time to sell increase as prices fall. Of course, cars in higher demand will sell quicker, and those with less demand can take considerably longer.
New Car Price Trends (Monthly Updates)
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Older used cars have appreciated most
A new phenomenon we have begun tracking is that older used cars are appreciating more rapidly than younger used cars.
This is primarily a function of consumer demand. Retail customers that want to purchase a car at a sub $20,000 price-point are being forced to look at older used vehicles because the new ones have increased in value beyond their budget. This is scary, crazy, and a whole host of other words.
How much did used car prices increase back in 2021?
How did used car prices get so high? To find the answer, we simply need to remind ourselves of the car shortages of 2021. Depending on who you ask (Cox Automotive, Edmunds, CarGurus, or Black Book), retail used car prices increased anywhere from 32% to 36% in 2021.
Black Book shows a 35% increase in retail used car prices for 2021 (the purple line). For comparison, the orange line shows a 7% appreciation for used car prices in 2020, and the blue line shows a 3% depreciation of used car values for 2019.
Here’s a month-over-month table showing used car price trends for 2021:
| Month | Average Used Car Price |
| January | $22,112 |
| February | $21,573 |
| March | $21,343 |
| April | $22,568 |
| May | $24,414 |
| June | $25,101 |
| July | $25,500 |
| August | $25,890 |
| September | $26,548 |
| October | $27,067 |
| November | $27,569 |
| December | $29,000 |
This data, supplied by Cox Automotive, shows the incredible ascent used car prices took in 2021.
Wholesale used car price trends are even crazier
Every used car has two prices; the wholesale price, and the retail price. As consumers we typically concern ourselves with the retail price, and with good reason, unless you have a dealer’s license you can’t buy a car wholesale at an auction.
That being said, wholesale used car prices are the lifeblood of car dealers, and the used car price trends we saw on the wholesale side in 2021 were truly unfathomable. While retail used car prices increased ~36% in 2021, wholesale used car prices rose 52%.
There is an obvious interplay between wholesale and retail prices. As wholesale prices increase, we can expect retail to prices to do the same.
Interactive data
Thanks to our friends at foureyes, we can share with you this real-time updating data set on used and new car prices.
The 2023 Cadillac Lyriq Luxury EV Heralds a New Era for GM
After five years of offering the Chevrolet Bolt as their flagship EV, the General is going all-in with EVs. Now, all eyes are on the next three electric models. The first has just begun deliveries, the $100,000+ GMC Hummer EV. And now, the 2023 Cadillac Lyriq luxury SUV is hitting the market, soon to be followed by the Silverado EV.
By 2030, Cadillac will be an all-EV brand. Other GM brands will follow suit by 2035. GM lost dozens of Cadillac dealerships nationwide after it provided an ultimatum requiring dealers to spend about $200,000 on EV upgrades, or withdraw from the brand altogether and accept a buyout. About one-third of Cadillac dealerships took the buyout, and GM spent a total of $274 million. At the end of 2021, just 560 Cadillac dealerships remained, down from 920 just three years prior.
Now that the dealership shuffle has settled, it’s prime time for Cadillac to unveil the first of its EVs. Deliveries of the Lyriq have just started, and production is ramping up. Here’s what we know about Lyriq pricing, range and more.
The Lyriq Is Not Chasing Tesla
For starters, the Lyriq is a true SUV in size and stature. The outside has all the Cadillac design language you’d expect. Walking up to the Lyriq, you’re greeted by a welcome light show put on by the 50 LEDs illuminating the angular front grille. Stepping into the cabin, the first thing you’ll notice is the meticulous detail and labor of love, from the tree canopy inspired door illumination to the well-placed open-pore wood decor throughout.
If you lament the auto industry’s shift away from physical controls in favor of haptic feedback and touchscreens, you’ll be a fan of this interior. The Lyriq strikes the ideal balance of physical buttons and knobs and a healthy serving of touch controls. The 33” horizontal screen wrapping across the front dash may sound like the antithesis of physicality, but the screen and surrounding physical controls complement each other, making for an intuitive experience. The Lyriq’s 33” single screen is surprisingly similar to what you’ll find in the much more expensive Lucid Air, and more well-placed than the single 15” screen centrally located in the Tesla Model Y. A Cadillac-exclusive AKG Studio 19-speaker audio system provides excellent sound for audiophiles.
Driving Experience
The Lyriq’s tech is all-around impressive. Super Cruise is at the heart of Cadillac’s Smart System suite of safety and driver assist features. Super Cruise supports hands-free driving on over 200,000 miles of North American roads. The ‘hands-free’ part is a big deal, as even Tesla isn’t yet ready to make that claim (and with good reason).
A popular feature of EVs is one-pedal driving. Most EVs allow for energy recuperation as the vehicle slows down. This is called regenerative braking. In essence, some of the electricity that was used to accelerate is recovered as the vehicle slows down, and is returned to the battery. But not all EVs are capable of strong enough ‘regen’ to make the brake pedal almost unnecessary, except of course during instances when hard braking is needed. The Lyriq has what looks like paddle shifters behind the steering wheel. These are the controls for regen strength. At the highway setting, the Lyriq will slow to a stop without needing the brake. Using regen on a daily basis takes some getting used to, but as Tesla owners can attest, it ultimately becomes second nature.
The Lyriq’s serene cabin is well-insulated and quiet with active noise cancellation. 8-way power driver and front-passenger seats with 4-way power lumbar, heat, ventilation and lumbar massage are all included with the 2023 Cadillac Lyriq. Rear passengers have access to dual USB-C charging outlets and a three-prong outlet for charging laptops and other larger devices.
312 Miles of Range and Fast Charging
Cadillac claims an expected EPA range of about 312 miles on a charge with rear-wheel drive. Considering the large size of the Lyriq and the rapidly growing charging networks, that’s more than enough for almost everyone. EVs are generally more efficient at lower speeds, so the Lyriq is likely to go well over 300 miles in city driving, and 250 or so on the highway.
When it comes time to charge, the Lyriq supports 190 kW fast charging at level 3 public chargers, like those you’ll find at Electrify America and Tesla Superchargers (if they ever open up to non-Teslas in America). This works out to about 76 miles of range in 10 minutes, or 200 miles in about 30 minutes.
At home, a level 2 charger can be installed into a 240 volt outlet like you’d use to plug in a dryer. This is where the Lyriq stands out above the charging competition. The Lyriq supports segment-leading 19.2 kW home charging, which can add up to 52 miles of range per hour of charge, or a full battery from empty in just six hours. To the uninitiated EV shopper, six hours might sound like a long time, but don’t forget that charging is done at night while you’re asleep. Most Lyriq drivers will wake up with a full battery every morning.
GM’s Ultium Platform Sees Action
The 2023 Cadillac Lyriq will be the first time most consumers experience GM’s all-new Ultium electric platform. The 2022 Hummer EV is powered by Ultium, but it’s at a much higher price point that’s out of reach for most. Plus, it’s huge, and not everyone wants to drive a crab-walking boat around. GM’s engineers say that Ultium batteries are reliable, durable and more energy dense than anything we’ve seen before in a production EV.
Cadillac claims an EPA range of around 312 miles on a single charge made possible by the Ultium platform’s new chemistry. The public hasn’t forgotten about the ongoing Chevrolet Bolt recall and fire hazard, so it’s comforting to know that all new GM EVs will be built with a completely revamped and improved battery and electric motor architecture.
The 2023 Cadillac Lyriq is powered by a 12-module, 100 kilowatt-hour Ultium battery pack and a rear-wheel-drive Ultium Platform. This powertrain delivers 340 horsepower and 325 lb-ft of torque. It’s no Tesla, but a performance-oriented Lyriq is rumored to be on the way in 2023. For you speedsters out there, official 0-60 times haven’t been released yet, but considering that it weighs 5,610 pounds (over 1,000 pounds more than a Tesla Model Y!), the 5.0 second range is a likely figure.
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How Does the Lyriq Stack Up to the Competition?
The Lyriq Steps Into a Crowded SUV Segment that was essentially nonexistent just five years ago. One thing that may lure shoppers towards the Lyriq is its size. It’s larger than the Volkswagen ID.4, Tesla Model Y and Ford Mustang Mach-E. Thanks to the compact electric motors, the wheelbase is on par with a Hyundai Palisade, even though the interior volume is a bit less at 105 cubic feet. That’s more than the Model Y and VW ID.4, but just a cubic foot less than the much more affordable Hyundai IONIQ 5. Rear passenger leg room is generous at 40”. Everyone seems to offer a panoramic glass roof these days, and the Lyriq is no different. But the glass roof helps head room stretch to 38” for rear passengers.
Cargo volume is solid, even though there’s no frunk (front storage). There’s 28 cubic feet with seats up, and 68 cubic feet with seats laying flat. Even though that’s about the same as the ID.4, Model Y and IONIQ 5 (the Kia EV6 and Ford Mustang Mach-E are significantly less), the Cadillac Lyriq has something that none of the others have: the very essence of luxury. Better comparisons could be made with the Audi e-tron, Tesla Model X, the brand-new BMW iX, and the soon-to-arrive Genesis GV60 and Mercedes EQB. Among these competitors, the Lyriq is likely to remain more affordable.
The 2023 Cadillac Lyriq Starts at $61,795
The base Luxury trim of the Lyriq is nearly loaded as-is. The Luxury comes with 19” aero wheels versus 22” rims for higher trims, but Cadillac hasn’t shared many additional details other than that the base trim features all of the biggest perks. Reviewers who’ve had showroom tours of the Lyriq have been told that the base Lyriq has all of the above. The debut edition starts at right under $61,795 with rear-wheel drive. All-wheel drive Lyriq variants start at $64,000. Higher trims are expected to reach well above $70,000.
See Lyriq pricing details at cadillac.com.
Pre-orders are now open! Expect to wait several months for your Lyriq to arrive. It should be worth the wait.
The Lyriq’s Qualifies for the New EV Tax Credit
We have great news for those counting on federal EV incentives to bring the Lyriq EV into their price range. The Lyriq is going to be built in Tennessee with American-made Ultium batteries, so it will qualify for the new EV tax credit. Of course, you’ll have to ensure that your household income qualifies.
Learn more about the revised EV tax credit’s requirements.
CarEdge’s Take On the 2023 Cadillac Lyriq
The base spec of the Lyriq offers a whole lot for an MSRP of 60 grand. Could the Lyriq be the new anti-Tesla? Tesla may be the leader of EV sales for now, but for car buyers yearning for less minimalism, more luxury and competitive pricing, the Lyriq sure works out to a great deal. One thing the two share is that both GM and Tesla no longer qualify for the EV tax credit. Revisions to the EV tax credit are pending, but nobody really knows what the outcome will be.
The Lyriq is looking like a great flagship for GM’s new Ultium battery and powertrain platform. An expected 300+ miles of range and rapid charging make this electric SUV competitive from day one.
The Importance of Real-World Range With Electric Vehicles
The EV Learning Curve: Why Is Range So Important?
As if anyone needed one more reason to be anxious, some of today’s electric vehicles have inspired a new kind of dread: range anxiety. If you’re new to the world of EVs, you may be wondering why electric vehicle range figures are compared and analyzed meticulously. Maybe you’re even skeptical of EVs because of the sub-300 mile ranges touted as the latest and greatest. The largest automakers are committed to electrification, and American drivers are finding that shopping for an EV is a different experience. There’s no doubt it takes some getting used to. Is the instant acceleration and cheaper fuel worth the learning curve that comes with EV adoption?
Electric vehicle charging stations are still few and far between in most of America. Even charging technologies vary widely from one vehicle to the next. A few new EVs are behind the times when it comes to charging speed, most notably the Chevy Bolt. Others, like the Hyundai IONIQ 5 and Porsche Taycan, are progressing forward with the fastest top-up times in the industry. Thankfully, charging an EV in America is about to get a lot easier in 2022. Billions of dollars in both private and public funding is being funneled into growing the nation’s public charging infrastructure over the next two years. EV range figures will likely become less defining for each new EV that hits the market as charging becomes quicker and easier to find.
As we enter 2022, range is still top of mind for consumers. But estimating EV range is not an exact science. Some vehicles regularly exceed EPA mileage ratings, but many others fall short of the advertised figures. Here’s what consumers need to know about real-world range in today’s growing EV market.
Factors That Affect Real-World Range
Speed is the number one factor that determines electric vehicle range. The relationship between city/highway driving and range is the opposite with an EV than you’ll find with a combustion-powered vehicle. With a traditional combustion vehicle, better gas mileage is achieved at highway speeds, usually between 50-70 miles per hour. That’s not so with EVs.
EVs are more efficient at lower speeds, even in stop-and-go traffic. Let’s consider the example of the best-selling Tesla Model Y. The 2022 Model Y’s combined range rating is 330 miles, or 125 mpg equivalent. A closer look at the city and highway figures tells an interesting story. On the highway, the US EPA calculates the Model Y’s fuel economy as 131 mpge. Real-world testing at 70 mph finds that the Model Y can make it about 275 miles on a charge. However, in city driving scenarios at lower speeds, the Model Y is good for an astounding 131 mpge, or over 350 miles of range. The story is the same for most other EVs: slower driving around town yields greater efficiency and more range.
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Why is speed such an important factor for electric vehicle range? It all comes down to something engineers can’t control, only accommodate: physics. At higher speeds, a vehicle encounters higher friction as it pushes through the air. Friction causes drag, and drag can only be overcome by more force. In this case, the additional force is supplied by higher power output from the electric motors. This is why EV stats often include the ‘drag coefficient’ along with horsepower, torque, curb weight and the rest of the usual metrics for comparison.
Weather Can Be a Blessing Or a Curse
Temperature, wind and even precipitation can all affect electric vehicle range, especially at higher speeds. Every battery-electric motor platform has an ideal operating temperature. Usually, the ideal temperature is somewhere near 70 degrees Fahrenheit. At the ideal temperature, the vehicle can attain up to 115% of its official rated range. That means a Ford Mustang Mach-E rated for 270 miles may actually make it over 300 miles on a single charge in perfect conditions.
Summer heat eats into range somewhat, but winter cold is the real range killer. Effects vary from one model to another, but it’s not uncommon for an EV to lose 30% of its range in freezing temperatures. Why? The cold itself is responsible for about 10% of the range loss, but it’s actually running the heater that demands so much energy, and range takes an even bigger hit. Winter weather is so problematic for EVs that many OEMs are installing heat pumps in their latest models in an effort to reduce range loss in the cold.
As long-haul truck drivers know well, a headwind or severe crosswind kills range for all vehicles, regardless of fuel type. An EV normally rated for 250 highway miles might not even make it 200 with a strong headwind. On the other hand, a tailwind can extend range far beyond the usual performance. Once again, this is similar to what drivers of combustion vehicles will experience.
Rain and snow also reduce range by adding to drag. Think of it this way: any vehicle, electric or otherwise, uses more fuel to literally push through the air as precipitation falls onto it.
Battery Wear Affects Electric Vehicle Range
All EVs lose rated range as they accumulate miles on the odometer. It’s just a part of battery wear and tear. The range loss is greatest as the vehicle is ‘broken in’ so to speak. Tesla vehicles lose about 5% of their range within the first 30,000 miles of driving, but range loss slows down afterward. There are many examples of Teslas with 200,000 miles on the odometer that continue to carry 90% of the original range, and almost all retain at least 85% by this point. Other EVs show similar range loss over time.
Battery degradation is unavoidable, but there are measures that EV drivers can take to minimize it. Limiting level 3 fast charging to only when necessary (such as road trips) is the biggest effort anyone can make to preserve the health of their battery. Charging at home on a level 1 or 2 charger to 80% or 90% state of charge is recommended for most EVs. Only when the extra mileage is needed should EVs be fully charged to 100%. One notable exception is the 2022 Tesla Model 3. Tesla has decided to put lithium-iron-phosphate (LFP) batteries in the standard range variants of the Model 3, making this the first EV on the market to withstand regular charging to 100% without notable battery degradation. Perhaps this was a factor in Hertz’s recent decision to buy 100,000 Model 3’s.
Does Electric Vehicle Range Make Road Trips Unreasonable?
With so many factors going into EV range, you might be wondering how one can reliably estimate the range of their EV in real time. Luckily, engineers saw the need for real-time range estimators and got ahead of this challenge. Today’s EVs include smart range estimators (that some affectionately call guess-o-meters) that factor in a number of variables to display the remaining range for the driver. Real-world range figures don’t necessarily make road trips challenging, but for the time being, it is something else for drivers to monitor while charging stations remain uncommon.
Popular EVs and Their Real-World Ranges
Curious as to how your favorite electric vehicles match up in real-world range? The EV experts over at InsideEVs have compiled a database of how every model they’ve tested firsthand performs in the real world. Some EV models far exceed their official EPA ratings, while others come up short. Below are a few of their more notable findings.
Source: InsideEVs
The Takeaway From CarEdge
Today’s EVs are expected to retain 85-90% of their original range after 100,000 miles, and possibly even over 200,000 miles. This normal range loss is due to battery wear after repeated charging and discharging cycles. Real world range is something for EV shoppers to bear in mind when comparing models. Remember: If an EV is EPA rated for 250 miles, it will likely only achieve 225 miles on a full charge after 100,000 miles of driving.
The data from InsideEVs shows that some automakers consistently underperform their ratings, while others exceed expectations. Will range anxiety turn buyers away, or will tech and sporty handling compel more drivers to think about going electric? Let us know your thoughts in the comments below. We’ll continue to keep you informed as electrification overtakes the auto industry.
Will GM’s New Ultium Battery Turn the Tide Against Tesla?
When GM launched its first plug-in hybrid in 2010, the Chevrolet Volt, turning a profit was an uphill climb. It was a time when EVs were a pipedream to most OEMs. Nissan was nearing the launch of the Leaf, the first fully-electric mainstream vehicle ever. Tesla was a nascent startup raising funds by selling the first-generation Roadster. Automakers old and new alike knew that if EVs were to ever become affordable for the masses and profitable for OEMs, the costs of battery production would have to plummet, and battery efficiency and durability would have to increase.
Here we are 12 years later, and GM is ready to launch its first vehicles powered by their all-new Ultium battery platform and propulsion system. Is the platform a technological leap forward? Could it be the key to dethroning Tesla, or is GM after something different altogether? Here’s the latest on what GM claims is the game-changer for mass electrification.
GM Is Banking on the Ultium Battery for EV Domination
When GM CEO and chairman Mary Barra announced the Ultium platform in March of 2020, there was a lot going on in the world that overshadowed the gravity of her announcement. However, the automotive industry noticed GM’s confidence in its ability to overcome one of the biggest barriers to affordable EVs: battery production costs. Battery capacity is most often measured in kilowatt-hours (kWh). For reference, a plug-in hybrid like the 2011 Chevrolet Volt has a smaller battery, 16 kWh in this case. Today’s popular EVs like the Tesla Model Y, Ford Mustang Mach-E and Volkswagen ID.4 have battery capacities in the 70-80 kWh range.
At the time of the Volt’s launch in 2010, battery costs were about $1,000 per kWh. That meant that the Volt’s 16 kWh battery was the most expensive component of the car. Now, Mary Barra says that the new Ultium platform will be produced at less than $100 per kWh. To date, only Tesla has been known to have reached such battery affordability, and it’s been considered a key ingredient in their secret sauce for success. The press release announcing Ultium didn’t beat around the bush, stating that “the first generation of GM’s future EV program will be profitable.”
Plenty of automakers have ambitious, expensive plans for electric vehicles, but if GM is already there in 2022, are we witnessing a major disruption to the EV segment in real time?
What’s GM’s Strategy?
They’re not going it alone. In fact, all major OEMs partner with battery producers to produce their EVs, from Tesla to Ford. In this case, GM is continuing to work with LG Chem for Ultium development and production (which has already begun). LG Chem is a respected battery supplier for Stellantis, Lucid and even some Teslas.
What could go wrong? You’ve heard about the Chevy Bolt battery fires that have resulted in recalls, stop-sales and $2 billion in expenses for GM? LG Chem supplied those batteries too. LG recently agreed to cover the massive costs of the Bolt recall, perhaps in a last-ditch effort to preserve the business partnership between the two.
The automotive industry usually welcomes second chances (remember the Great Recession bankruptcies, VW’s Dieselgate, etc.?), so let’s hope LG and GM’s partnership results in a great electric platform, one that’s far less flammable this time around.
Ultium Is a Scalable Electric Platform
GM says its all-new global platform is flexible enough to build a wide range of trucks, SUVs, crossovers, cars and commercial vehicles all with the same Ultium architecture. They call it a one-size-fits-all approach to electrifying all GM brands by 2035. At the heart of the Ultium platform is a pouch-type of battery module. This is where scalability becomes easy, at least in the eyes of GM’s engineers. Ford and GM are among the legacy automakers who continue to develop pouch-type battery modules, while relative newcomers like Tesla, Lucid and Rivian are using cylindrical batteries in their vehicles. It will be interesting to see which form factor becomes the dominant battery architecture over the coming years.
Ultium Battery Chemistry
The new Ultium battery from GM uses a state-of-the-art Nickel Cobalt Manganese Aluminum (NCMA) chemistry, which was designed to reduce the cobalt content in our batteries by more than 70 percent. Cobalt mining in Africa is notorious for human rights abuses, so the battery industry as a whole is looking to reduce reliance on the element.
GM Is Aiming for Vertical Integration
In the announcement for the new Ultium platform, GM didn’t hide the fact that they see battery production as a new source of revenue. Vertical integration of most vehicle components has been one of Tesla’s most influential strategies in the auto industry. Now GM leadership sees the value of cutting out the middleman (to an extent). “By vertically integrating the manufacture of battery cells, the company can reach beyond its own fleet and license technology to others,” reads the March 2020 announcement. They also tout their ability to leverage existing facilities and equipment for Ultium battery production.
Which Vehicles Will Be Powered by the Ultium battery in 2022?
The first generation of Ultium-powered vehicles is already arriving at dealerships. GM just shared the first customer deliveries of the resurrected GMC Hummer EV, a 1,000 hp crab-walking luxury electric truck. In case you’re keeping track, both Rivian and GM have delivered the first electric trucks in America before Tesla has started production of its Cybertruck.
Soon to follow will be the 2023 Cadillac Lyriq electric crossover (starting MSRP of $60,000), which will hit the road in 2022. The real test of the Ultium platform’s market strength will be the Chevy Silverado EV. Electrifying one of GM’s best-sellers is a bold move. We don’t know much about the electric Silverado yet, but GM will unveil the truck on January 6, 2022 at the CES expo in Las Vegas.
GM plans to stop selling combustion vehicles by 2035, so a LOT more Ultium vehicles are surely in the making. Cadillac will be exclusively electric by 2030, a mere eight years ahead. What’s next, an electric Camaro?
CarEdge’s Take: Is It Enough to Catch Up?
Execution is key for GM. We learned in 2008 that no automaker is too big to fail, and a Bolt-like battery blunder can’t happen with the new Ultium platform. Hopefully GM and partner LG Chem have taken the time and due diligence to get it right. It remains to be seen if GM will price its vehicles competitively.
The 2022 Chevy Bolt and Hummer EV are worlds apart in terms of affordability. In fact, the Bolt and Nissan Leaf are the only two popular EVs that typically sell for under $40,000. Will EVs forever be mostly $40k-plus models, or will American soon have Ultium-powered economy options to consider. Only time will tell if consumers are willing to spend Tesla money on a GM EV in 2022. About 641,000 employees work for the big three American automakers (GM, Ford, FCA/Stellantis). With so much money, investment and infrastructure on the line, we sure wish for their success.
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