General Motors Company (NYSE:GM) Is Making An Electric Van Giving A Nod To The EV Trend

General Motors Company (NYSE:GM) is reportedly working on an electric van that is targeted towards the business community and will be ideal for delivery services.

The announcement about the American automobile manufacturer’s decision to launch an electric van highlights the growing interest in EVs by traditional automobile manufacturers. It also means more competition for Tesla Inc (NASDAQ: TSLA), which currently dominates the electric vehicle segment with its impressive fleet of EVs, although it mainly targets retail consumers.

The electric van from GM is thus more suited to compete with Tesla’s electric semi-truck. Analysts speculate that the electric van will mainly target companies such as, Inc. (NASDAQ: AMZN), and United Parcel Service, Inc. (NYSE: UPS) because of their package delivery services. GM has expressed its interest in providing a range of electric vehicles in the future, although it has not released any official statements regarding the upcoming electric commercial van.

“GM is committed to an all-electric future and is implementing a multi-segment, scalable EV strategy to get there. At this time, we do not have any announcements to make regarding electric commercial vehicles,” stated the company.

There has been an increased focus on electric vehicles, especially with the global call for fewer emissions and greener energy. Consumer trends have shifted in favor of EVs, and this is why traditional manufacturers are also embracing the trend. Therefore, GM’s van comes at an opportune time, especially with companies that have delivery services looking for sustainable solutions.

AutoForecast Solutions’ global vehicle forecasting vice president Sam Fiorani stated that commercial van customers are looking for reliability. Electric vehicles provide a major advantage over their internal combustion counterparts because they require very little maintenance. This means they will have significantly lower running costs compared to vehicles that run on fossil fuels. This saves businesses a lot of cash, especially in cases where companies can set up solar-powered charging stations.

GM is expected to release further details soon regarding the electric van’s development. There is currently very little known about the van. However, analysts expect a decent amount of range from the vehicle, especially considering that it targets business use.

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Published by Flavia Carruth

Hi, I am Flavia and have done my MBA with finance as specialization and a Bachelor in Economics with 4 years of experience as Financial Analyst in leading Software Firm. I have passion for article writing, report making and stock market Analysis.

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