GM Wants To Connect EVs to the Grid
By: James Flippin · October 12, 2022 · Reading Time: 3 minutes
Introducing GM Energy
General Motors (GM) recently announced GM Energy, a new business line that will offer stationary battery packs, solar panels, electric vehicle chargers, and other energy-management products for homes and businesses.
Most importantly, it’s creating cloud-based software that will be able to link these offerings together so that they can be used seamlessly between electric vehicles, utility companies, and your own home. Business offerings are already available, while home energy solutions will be available next year.
GM estimates that the total addressable market for this market is between $125 billion and $250 billion.
One Biz: Two Goals
There are two main goals for GM Energy. First, it wants to create a sustainable business for GM, and accelerate its development of EVs. That process is paramount as the automaker intends to double its revenue to $280 billion by 2030. Second, it wants to control the customer experience when people purchase a new electric vehicle.
To achieve both of these goals, GM wants to let its EVs work hand-in-glove with your home’s energy sources as well as your local power grid. The thinking is that EVs will essentially serve as gigantic batteries in the event of a power outage.
Typically, you use your home’s power to charge your EV. But if your home or town runs out of power, GM wants to make it possible to temporarily retain juice thanks to your EV.
Time To Go Electric?
As technology improves, consumers have more reasons than ever to consider going electric. GM Energy is the latest company to offer a new suite of EV products. But, it’s also hardly the only option.
Tesla (TSLA) has been offering EVs, batteries, and home energy products for years. Additionally Ford (F) has partnerships with PG&E (PCG) and Sunrun (RUN) that offer a similar bundle of services.
If you’re considering making the switch to electric, your best bet is to research which companies, services, and packages are most readily available in your area. Additionally, be sure to check if there are any government incentives available for going electric.
The EV transition is in full swing and GM Energy is the latest competitor in the race.
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