GM Drops New EV Plans, Pivots Chevy and Cadillac to Gas
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- GM CEO Mary Barra confirmed during Q2 2026 earnings that next-generation Cadillac ICE vehicles — an updated CT5 sedan, XT5 SUV, and three-row XT6 SUV — will begin arriving next spring, abandoning Cadillac's earlier pledge to go all-electric by 2030.
- Chevrolet plans to launch new gas-powered vehicles including a crossover in Kansas replacing the Chevy Bolt, whose production ends at the end of 2026; the Equinox EV, Blazer EV, and Silverado EV remain on sale with possible 2028 updates.
- GM has recorded $10.9 billion in EV-related charges since H2 2025, including $7.2 billion with a cash impact, of which $4.5 billion was paid through end of Q2 2026, yet raised full-year adjusted profit guidance to $14 billion to $16 billion.
- Hyundai is closing the gap as the second-largest U.S. EV seller, with its IONIQ 5 now outselling the Chevy Equinox — GM's best-selling electric model — to rank as America's third most popular EV through June.
- Hyundai and SK On opened a $5 billion Georgia battery plant capable of producing roughly 35 GWh of EV battery cells annually, enough for about 300,000 electric vehicles built alongside the IONIQ 9 at Hyundai's Metaplant.
- GM North America president Duncan Aldred conceded in May that 'once customers move to an EV, they tend to stay,' a pattern the company's renewed gas push now runs against as rivals like Rivian, BMW, and Tesla prepare new EV launches.
Why it matters: GM is voluntarily ceding ground in the U.S. EV market it spent billions to build. With Hyundai already outselling its top electric model and Toyota, Rivian, BMW, and Tesla refreshing EVs, the Detroit automaker faces shrinking volume just as it commits capital to fresh gas engines — a bet that becomes harder to reverse if rivals lock in EV buyers and battery supply chains.
