VigourTimes - Latest News and Updates
Billboards at the Ziegler Cadillac, Buick and GMC Dealership in Lincolnwood, Illinois, the United States. U.S. General Motors Co.
Joel Lerner | Xinhua News Agency | Getty Images
DETROIT – General Motors is offering buyouts to U.S. Buick dealers that don’t want to make investments in the brand’s transition to exclusively offer all-electric vehicles domestically by 2030, the automaker confirmed Friday.
The buyout offers, which are being outlined to Buick dealers Friday, are the latest efforts by GM to accelerate the company’s electric vehicle plans and transform its sales network.
All of Buick’s roughly 2,000 U.S. franchise dealers will be given the opportunity to take a buyout, Duncan Aldred, global head of Buick, told The Wall Street Journal.
“Not everyone necessarily wants to make that journey, depending on where they’re located or the level of expenditure that the transition will demand,” he told the publication. “So if they want to exit the Buick franchise, then we will give them monetary assistance to do so.”
Michelle Malcho, a company spokeswoman, on Friday confirmed the buyout plans to CNBC but declined to disclose the expected cost or how many dealers GM anticipates will take the offer. Many Buick dealers also sell GMC vehicles or another one of GM’s U.S. brands.
The company offered similar buyouts to Cadillac dealers in 2020. About 150, or 17%, of those 880 retailers accepted the offer rather than assume expectations to invest at least $200,000 toward upgrading dealerships for electric vehicles.
Buyout offers for Cadillac dealers ranged from about $300,000 to more than $1 million, a person familiar with the plans previously told CNBC. Malcho declined to disclose how much Buick dealers would be offered.
Buick’s EV plans are part of a broader $30 billion investment by GM into electric vehicles by 2025. That investment is expected to lead to about 30 new EVs globally from the automaker, which has pledged to exclusively offer electric vehicles by 2035.
FOLLOW US ON GOOGLE NEWS
Should you get a new COVID booster? If so, when?
Domingo German will stymie Tampa Bay
Jane Fonda announces she’s been diagnosed with…
Blue chip shares rally as US rate-hike fears ease
TikTok video about a $2 Chipotle burrito goes viral — here’s…
Man Convicted in 1978 Murder at El Monte Motel
Jurgen Klopp urges Darwin Nunez to deal with ‘really…
NYC sues Starbucks for coffee chain’s firing of union…
No reason for classified docs at Mar-a-Lago
Germany rejects Polish report saying it owes World War II…
Hawaii Health Department recommends new bivalent COVID-19…
My partner would rather sleep with his dogs than with me
Man With Alzheimer’s Disease Reported Missing
Baggage Handler Killed in Freak Accident at NOLA Airport
Amazon loses effort to overturn union win at Staten Island…