General Motors to phase out Ultium branding for its electric vehicles in North America

General Motors is moving away from the “Ultium” branding it has used since 2019 to describe its electric vehicle (EV) components, including its vehicle architecture, battery cells, and EV-related technology. This decision comes as the company pushes forward with plans to produce around 200,000 EVs in 2024 and works to improve the profitability of its EV offerings.

In a statement, a General Motors spokesperson said the company will no longer use the Ultium name for its electric vehicle portfolio in North America. However, GM will continue using the Ultium name for its joint venture battery plants under the Ultium Cells brand.

During an investor event on October 8, 2024, in Spring Hill, Tennessee, GM outlined its progress toward achieving profitability in its EV business. The company expects to reach a positive variable profit—excluding fixed costs—on its EVs by the fourth quarter of this year, with a target of achieving mid-single-digit margins by 2025.

GM’s current production target of 200,000 EVs across its Cadillac, Chevrolet, GMC, and BrightDrop brands represents the lower end of its forecasted range. This is down from its previous estimate of producing up to 300,000 EVs in 2024. In the third quarter, GM sold 32,095 EVs in the U.S., including commercial vans from its BrightDrop brand. This figure reflects a 60% increase over the same period in 2023. Overall, GM has sold more than 70,000 EVs through September 2024, including the Chevrolet Bolt EV and EUV models. These older-generation models are scheduled for redesign onto GM’s current EV platform by 2025.

The company has also indicated that some EV-related investments are being adjusted due to slower-than-expected consumer demand. Despite these shifts, GM has reported progress toward profitability, citing lower battery cell costs and improved economies of scale at its Ultium battery plants.

CEO Mary Barra, speaking at the Spring Hill assembly plant, highlighted that GM’s strategy for achieving EV profitability, initiated in 2018, has progressed faster than anticipated. The plant, which produces both gasoline-powered and electric vehicles, is central to GM’s future plans. Barra also stated that GM’s capital spending levels will remain consistent in 2025, with the company planning to release its 2025 financial guidance in January. She suggested that GM’s performance next year would likely be in line with 2024 results, attributing future gains to updated gasoline-powered vehicles and improving EV financials.