GM Pushes Ahead on EVs, BP’s EV Chargers, What is Luxury?

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

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It’s Monday and that means we GET to work in automotive retail. Today we’re talking about GM’s adjusted EV plans, BP’s investment into EV charging and what it means to be “luxury.”
Show Notes with links

• General Motors is gearing up to launch a series of new electric vehicles across its Chevrolet, GMC, and Cadillac brands this year, aiming to capture a broader market despite current sales challenges.
  • Although EV sales growth has slowed due to high prices and charging concerns, GM still aims for zero-emission light-duty vehicles by 2035.
  • GM has already cut EV production targets by up to 50,000 units this year.
  • The Chevrolet Equinox EV is expected in all trims this year, and is set to be GM's most affordable electric vehicle. MSRP will start at around $35,000, including shipping before the $7,500 federal tax credit.
  • Looking ahead, GM will introduce the new-look Chevy Bolt in 2025 and plug-in hybrids in 2027.
  • GM’s Mary Barra said "I think we all know that the growth of EVs has slowed. We never expected it to be linear."
• BP is partnering with Simon Property Group to install 900 electric vehicle (EV) chargers at various locations as a part of BP’s broader strategy to expand its EV charging network and support the increasing demand for electric vehicles.
  • Last year, BP Pulse made plans to invest $1 billion in America's EV infrastructure by the end of the decade.
  • BP Pulse has more than 33,900 EV charge points globally, the company said, and plans to have 100,000 points by 2030.
  • This initiative supports BP's commitment to advancing sustainable energy solutions and reducing carbon emissions.
    • Mercedes-Benz and Starbucks are also teaming up to install fast electric vehicle chargers at 100 coffee-slinging locations on Interstate 5, which runs along the West Coast from Canada to Mexico.
    • These new stations will be part of the German automaker’s $1 billion plan to build 2,000 new EV charging hubs across the globe.
• A recent Morning Consult Intelligence brand tracker study highlights shifting priorities among luxury shoppers, with over 75% saying quality is more important than cost in luxury retail.
  • 65% of consumers value exclusive access to products as part of their luxury shopping experience, and 64% believe that high price is an important aspect of luxury.
  • Superior customer service is crucial, with 72% citing it as a key expectation and 63% expect personalized shopping services as part of their experience.
  • In travel, luxury is defined by comfort; in food and beverages, it's fresh, rare ingredients.
  • Most luxury purchases are still made in brick-and-mortar stores, including secondhand items.

Hosts: Paul J Daly and Kyle Mountsier
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