Everything is moving to electric and General Motors wants to be at the helm of it all.
Key Details
- General Motors (GM) is moving past just car making and taking its brand into all electric everything.
- The company recently announced that it is introducing a new business model called GM Energy that will compete with Tesla and other solar and battery-storage manufacturers.
- GM Energy will be diversified not only creating solar power, but also creating battery systems that can power anything from cars to whole buildings.
Why it’s news
General Motors is becoming more than just a car maker. The company is taking a big step into the energy world with its new business model—GM Energy.
GM Energy is working with solar company SunPower Corp. to create solar panels and energy storage for both residential and commercial use but it doesn’t stop there. This is all part of the company’s plan to be an all-in-one energy company.
With the new energy business initiative GM will sell large batteries that store and manage power by themselves. These standalone batteries will act as an energy grid and can be used in power outages.
GM has also been working to allow customers to use the power from their EV during a blackout. Between the battery devices and EV charging, customers do not have to worry about ever losing power.
The U.S. lost $150 billion in commerce last year due to power failures. With GM Energy’s new battery initiatives, customers wouldn’t have to worry about losing power and could potentially make money selling the power to businesses in a blackout.
All of these projects are a part of GM’s bigger plan to become an electric powerhouse and double its annual revenue to $280 billion by 2030.
