GM has committed to an additional $7 billion in funding for electric car and autonomous vehicle programs and will launch 30 new EVs globally through 2025, CEO Mary Barra announced today. Two-thirds of these new EVs will be available in North America, and 40% (!) of GM’s US model line will be battery electric vehicles by 2025. GM also announced it would be moving its US debut of the Cadillac Lyriq SUV up from late 2022 to early 2022.
But GM has been making a lot of announcements lately, yet if you go to a GM dealership today, there’s a very small chance you’ll see an EV. Should we take GM at its word?
With this announcement, GM has now dedicated more than $27 billion to EVs and AVs through 2025, which eclipses its planned spending on gas and diesel vehicles and represents a majority of GM’s capital spending and product development in that timeframe.
Cadillac, GMC, Chevrolet, and Buick will each have electric vehicles available at all price points. GM will make at least three unannounced GMC vehicles, four Chevrolets, four Cadillacs, and two Buicks, including GMC- and Chevy-branded pickup trucks and a compact crossover from Chevy.
GM’s plans don’t just end with money and promises of future vehicle launches, though. The company is pushing forward with its “Ultium” battery technology (developed jointly with LG Chem) and expects batteries to cost 60% less and have double the energy density of today’s packs by mid-decade. This will allow some Ultium-based vehicles to achieve a maximum range of up to 450 miles (which is probably way more than you need). GM is exploring the possibility of licensing Ultium to other automakers including Honda which it announced and Nikola, which it has been silent about lately.
EV batteries have consistently improved over the years, generally at a rate of 5-10% per year. So GM’s expected improvement is about in line with the high end of that technology curve, though these projections may be slightly hopeful.
GM also shared that it plans to sell a million EVs by mid-decade (a number which Tesla, a much smaller automaker, already passed back in March). GM has currently sold under 100,000 BEVs with its Chevy Bolt, though the Volt PHEV/Cadillac ELR also sold fairly well before it was retired
The Hummer EV was originally announced with a slow rollout, with the first trim levels being available in 2021, while base model buyers will have to wait until 2024. GM didn’t specify whether this announcement means the timeline for lower trim levels would be accelerated.
They did state, however, that the development time for the Hummer EV was only 26 months, down from a standard of around 50 months. GM expects this to be its new benchmark for new vehicle development, which will enable them to roll out promised EV models on a much tighter timeline than has traditionally been the case.
In comments about these announcements, Barra said:
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle. We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”
President-elect (and Chevy Corvette owner) Joe Biden met with Barra, labor leaders, and other automotive and tech CEOs on Monday. We can imagine that electric vehicles were a topic of conversation, given Biden’s nearly $2 trillion climate plan, which includes plans to expand electric vehicle adoption. When asked specifically, GM says that the change in US leadership was not a factor in today’s announcement, though they would welcome a return to the $7500 tax rebate for all makers that Biden has pushed.
During a conference call with reporters last night, GM said it would make some announcements about specific EVs today at the Barclay’s Automotive event. Electrek will of course be “on the scene’.
Despite these big plans, GM is sending mixed signals. The company is still allied with the coal-lobbyist-led EPA to sue California over higher emissions standards, which makes little sense for a company that is supposedly serious about electric cars. When we asked GM President Mark Reuss about this early this year, and he gave us a bogus, Orwellian rationale that GM’s opposition to higher emissions standards is somehow meant to encourage a faster shift to EVs. When asked about siding with Trump this week, Doug Parks, GM’s executive vice president of Global Product Development, Purchasing and Supply Chain disappointingly echoed these claims saying that “all GM wants is a level playing field.”
Even with a 26-month development timeline, GM is going to have to rush to release 20 new EVs by (*checks calendar*) 23 months from now. Also, notably, all of those draped vehicles in this article’s featured photo, which originally came from GM’s October 2017 announcement (37 months ago), are still not available and most have not been shown publicly. The fact that we can run the same photo more than three years later and GM’s available model line hasn’t changed at all is a pretty big indication that things are going slower than they should.
So, as it seems like we keep saying virtually any time any automaker announces anything: great talk, now show us some action. Many of these EV commitments are already weaker than what we need as a planet to avoid the worst effects of climate change, and automakers keep missing even the mild commitments they set for themselves. Even when the cars do hit the road, GM will have to struggle with getting its dealerships to sell them, which remains a problem for most companies with franchised dealership models.
GM’s commitments today are stronger than most and reasonably impressive, but the company’s mixed history on EVs, legal advocacy against emissions standards that will save both lives and money, and the current status of its previous promises give us reason to be skeptical. Show us the cars at the dealership, GM.
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Occasionally, the term “Big Six Banks” is used, with the sixth bank referring to the National Bank of Canada. As of March 2008, the Big Six Banks and Laurentian Bank of Canada are the largest banks in Canada. The Five Big Banks hold over $100 billion in assets, and they are all based in Toronto. World Atlas provides the following data on each of the Big Five Banks.
1. Royal Bank of Canada
The Royal Bank of Canada is the largest of the Big Five with respect to net revenue (C$12.431 billion in 2018) and capitalization (C$150.35 billion as of early 2020). The Royal Bank of Canada has over 16 million clients worldwide, over 74,000 full-time employees and over 1,300 branches. Founded in 1864 in Halifax, Nova Scotia, the bank financed the lumber and timber industries. It was known as the Merchants Bank of Halifax. The Royal Bank of Canada gives 1% of its income to charity.
2. Toronto-Dominion Bank
The second-largest bank in Canada, the Toronto-Dominion Bank has the most assets, which are valued at C$1.4 trillion as of July 2019. This bank has over 22 million clients worldwide, 85,000 full-time employees and over 1,100 branches. The bank was the result of a merger of the Bank of Toronto and the Dominion Bank in 1955.
3. Bank of Nova Scotia
The Bank of Nova Scotia, or Scotiabank, is the next largest bank in Canada with assets valued at C$998 billion as of late 2019, the revenue of C$28.8 billion in 2018 and capitalization of C$87.55 billion. The bank has over 23 million customers worldwide, 89,000 full-time employees and over 1,000 branches in Canada. This bank offers to trade on both the New York and Toronto Stock Exchanges.
Also founded in Halifax, Nova Scotia—this one in 1832—the bank moved its headquarters to Toronto in 1900 to improve the transAtlantic trade industry.
4. Bank of Montreal
The Bank of Montreal is the fourth largest Canadian bank with C$852.2 billion worth of assets in late 2019, the revenue of C$22.8 billion and capitalization of C$64.81 billion as of early 2020. The bank has over 7 million clients in Canada and 939 branches. The bank has over 47,000 employees. It was founded in 1817 and is the oldest bank in Canada. Throughout crises such as World War I, the Great Depression, World War II, and the 2008 Global Financial Crisis, the Bank has consistently met dividend payments.
5. Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce has C$597 billion in assets, the revenue of C$17.834 billion for 2018, and capitalization of C$48.01 billion. The bank has over 11 million clients worldwide, 1,100 branches in Canada and over 44,000 full-time employees worldwide. The bank was formed in 1961 when the Canadian Bank of Commerce and the Imperial Bank of Canada merged.
Barra met with House of Representatives Speaker Nancy Pelosi and other senior Democrats on Capitol Hill, and touted the company’s decision announced earlier in the day to boost spending on electric and autonomous vehicles to $35 billion through 2025.
“We’re committed to an all-EV future,” Barra said in brief comments to Reuters after the meeting. “We had a lot of conversations about a lot of things that we can do to enable EV adoption.”
Until November, GM backed the Trump administration’s effort to block California from setting tougher emissions standards than the federal government.
Pelosi had expressed disappointment with GM’s support for Republican President Donald Trump’s position on the emissions rules, a source briefed on the matter said, and she urged GM to work with California and the Biden administration to reach the strongest possible vehicle emissions standards.
The administration of Democratic President Joe Biden is set to unveil revised vehicle emissions rules in July.
GM said last week it backs emissions reductions outlined in a 2019 deal struck between California and other major automakers, but wants the federal government to endorse changes to speed the adoption of electric vehicles.
Barra also faced questions about a delayed worker vote at a GM plant in Silao, Mexico.
Mexico’s Labor Ministry scrapped an initial union-led vote in April, citing “serious irregularities,” and later ordered the GM union to hold a new ballot within 30 days of its May 11 statement. No vote has been scheduled
The U.S. Trade Representative’s Office in May asked Mexico to review potential labor abuses at the Silao plant under the United States-Mexico-Canada Agreement (USMCA).
Last month, U.S. Representatives Dan Kildee, Bill Pascrell and Earl Blumenauer, all Democrats, pressed GM to answer questions about potential abuses in Mexico.
“We want to see some real demonstration of embracing the labor standards in Mexico — more than compliance,” Kildee told Reuters after the meeting. “The situation in Silao — I raised that with Mary — that’s a problem.”
The Democrats urged GM to commit to providing workers with physical copies of the contract, publicly posting contracts and to meet other requirements.
Kildee offered additional steps GM could take to support workers and meet USMCA requirements, and the three lawmakers followed up with a written list of suggested actions, congressional aides said.
The suggestions “would be tangible demonstrations of GM’s commitment to lead on compliance with the new labor standards,” Kildee told Reuters.
Earlier Wednesday, some House lawmakers on a trade panel, including Kildee, had a virtual meeting with Mexico’s ambassador to the United States in which the GM labor issued was raised.
(Reporting by David Shepardson; Editing by Leslie Adler)
Numbers rule the business world—revenue, headcount, process time, value increase, number of clients, inventory count, profit margin, credit rating, customer satisfaction score. Numbers indicate and measure success or failure, whether a business activity is positive or negative to the bottom line. You’d be hard-pressed to find a business decision made without some factoring in of “the numbers,” be it stats, cost, the potential return on investment.
Hiring is a business decision.
To make a strong case for yourself (Envision your selling features.) throughout your resume use numbers, the language of business, to quantify your results and establish yourself as someone who can bring value to an employer. Using numbers shows you understand how companies operate and that they exist to make a profit. Most importantly, using results-achieved numbers displays your value.
Which job seeker displays better value?
Candidate 1: Duties included taking field measurements and maintaining records, setting up and tracking project using Microsoft Project.
Candidate 2: Spearheaded the Hazzard County water decontamination project, finishing $125,000 under budget due to a 25% decrease in staff allocation time.
Which job seeker gives a clearer picture of their responsibilities?
Candidate 1: Supervised team leaders.
Candidate 2: Supervised 3 team leaders, collectively responsible for 40 CSRs answering 1,750 – 2,500 calls daily.
Which job seeker shows their work ethic?
Candidate 1: Completed first editing pass on articles.
Candidate 2: Reviewed and evaluated 50 – 75 articles per week, deciding whether to reject the article, forward it to the editorial team, or send it back to the author with revision suggestions.
Information quantified means something. Information not quantified is just an opinion. Most resumes are just a list of opinions, thus quantifying your professional experience will set you apart from your competition.
TIP: Always use bullets, not paragraphs, to describe your professional experiences.
For each position you list on your resume, ask yourself:
Did I increase my employer’s revenue? How?
Did I save my employer money?
Did I save time?
Was my boss(es), colleagues, staff, customers, vendors, and leadership team members happier because of me?
How did I contribute to improving my employer’s business?
When answering these questions, quantify (percentage, range, monetary, frequency, before/after comparison, ratio). Creating a resume that WOWs requires filling it with quantified results-rich statements.
Reduced customer complaints by 47% by implementing a formal feedback system.
Improved product delivery time 22% after assigning clarified monthly job tasks to team members.
In 2020, grew revenue 33%, and improved gross margin by 22%, by standardizing business operating procedures.
Produced $1.75M in cost-savings after renegotiating the company’s supply and service contracts (14 vendors).
Built sales organization from the ground up, hiring and training 15 sales representatives within 6 months.
In 2019, generated over $7.25M in additional revenue by identifying, pursuing, and securing 4 new international contracts.
As I mentioned a few columns back, your resume must clearly and succinctly answer one question: How did you add or bring value to your employers? When it comes to answering this question, numbers are your friends.
Something to keep in mind: The king of numbers, the only metric in business that matters, the one that keeps a business alive and profitable, is revenue. As much as possible, throughout your resume and cover letter, demonstrate the results you’ve achieved that were added value to your employer’s financial success.
Don’t write on your resume what’s become a cliche, “result-oriented.” Don’t write it on your LinkedIn profile. Don’t say it during an interview. Show your results! “In 2017, I increased sales by 29% by creating upsell opportunities for my 8-member sales team to offer.”
Additional tips when bulleting your professional experience:
Employment dates need to be month/year. Only indicating years is a red flag you’re trying to cover up employment gaps.
Under 2 Lines. Your bullets shouldn’t be more than 2 lines.
The first 5 – 8 words are critical. When skimming a resume, the reader will likely read the first few words of a bullet then, unless their interest is piqued, move on to the next bullet. The first few words need to be captivating.
Next week I’ll cover presenting your education, skills, and certifications. These need to demonstrate your career path, not that you simply attended classes.
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