GM Energy Rolls Out New Product Suite, Offering Customers the Ability to Transfer Power Between EVs and Homes

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GM Energy introduces a new product suite allowing customers to transfer power between electric vehicles (EVs) and homes. The company offers flexible bundle options and software integration through GM vehicle brand apps, enhancing energy management control. The Energy Live platform serves as an educational resource for customers.

Energy Sector Analyst

General Motors' foray into the energy sector with GM Energy's product suite marks a strategic expansion beyond their traditional automotive business. This move aims to capitalize on the burgeoning electric vehicle (EV) market by offering solutions for energy management that could lead to increased customer loyalty and create additional revenue streams. Given that this initiative integrates with GM's EV offerings, it may boost the attractiveness of their EVs and potentially enhance market share in this competitive segment.

The company's strategy of integrating energy management solutions with their existing vehicle apps enhances the user experience by providing a seamless interface for consumers to manage their energy needs. This could lead to higher margins on these value-added services and deepen the relationship between GM and their customers. The direct-to-consumer e-commerce platform may also reduce sales and distribution costs, improving profit margins.

However, the entry into the energy sector introduces operational risks. GM will need to contend with new regulatory challenges, customer service requirements and potential technological issues in a field where they have less experience. Investors should monitor not only the adoption rates of these new products but also how effectively GM can manage these challenges as they scale up operations.

Automotive Industry Analyst

The integration of energy transfer technologies between EVs and homes represents an innovative step forward for the automotive industry. This capability addresses a growing interest in sustainable and resilient energy solutions among consumers. Early adoption of such technologies could position GM as a leader in this niche market, potentially attracting environmentally-conscious consumers and those interested in emerging technologies for energy independence.

However, it is important to note that the infrastructure for widespread use of vehicle-to-home energy systems is still in development. The rate of infrastructure development, along with consumer adoption patterns, will be critical in determining the success of GM's new product suite. Automotive investors should pay attention to the speed and scale at which GM can deploy these technologies, as well as partnerships or collaborations that might emerge to support infrastructure growth.

• GM Energy's initial product offerings for home customers are now available for purchase through a newly launched e-commerce platform
• Flexible GM Energy bundle offerings and software integration through GM vehicle brand apps provide customers with greater control over personal energy management between vehicle, home and other products
• Energy Live platform provides educational resource to learn more about benefits of personal energy management, grid resiliency and an all-electric lifestyle

DETROIT, April 18, 2024 /PRNewswire/ -- As EV technology continues to evolve, GM is working toward elevating the overall ownership experience by introducing new ways for customers to unlock additional value and gain access to the expanded benefits of an all-electric future.

Available for the first time as part of its expanding product ecosystem, GM Energy's initial offerings for residential customers will enable the use of vehicle-to-home (V2H) bidirectional charging technology to provide power from a compatible GM EV to a properly equipped home, helping to mitigate the negative impacts of weather-related outages and integrate with future clean energy products for even greater personal grid resiliency.

The GM Energy product suite will be offered through a set of unique bundle options, providing residential customers with the ability to select solutions that align with their specific energy needs, budget and preferences, all online. GM Energy representatives will be on hand to connect customers with preferred installer, Qmerit, who can help with obtaining necessary permits and connect with utilities to ensure a seamless guided experience.

At launch¹, customers will be able to purchase GM Energy's V2H bundle, which includes necessary equipment to enable the transfer of energy between a customer's compatible EV and a properly equipped home. GM Energy will make additional residential solutions, including stationary energy storage and solar integration, available for purchase later this year.

"GM Energy is committed to making the transition to an all-electric lifestyle an even more compelling option by simplifying all aspects of personal energy management," said Wade Sheffer, vice president of GM Energy. "With the introduction of these new offerings, it has never been easier for our customers to access the expanded benefits of a holistic EV ecosystem, helping to mitigate the impacts of power outages and having the ability to offset certain energy costs over time."

GM Energy's products will be accessible through current GM mobile brand apps, allowing customers to seamlessly manage the transfer of stored energy between applicable and connected GM Energy assets, for a fully integrated and convenient experience.

The first vehicle in GM's portfolio of EVs to be compatible with the GM Energy home product suite is the 2024 Chevrolet Silverado EV First-Edition RST², which will be equipped with V2H bidirectional charging technology. Moving forward, GM will continue to expand V2H bidirectional charging technology across its retail portfolio of Ultium-based EVs by model year 2026.

Customers who have questions can visit GM Energy Live, where product specialists can help provide more information and showcase GM Energy's solutions through an immersive digital experience.

Pricing, installation cost and timeline for delivery for each of GM Energy's initial product bundles will vary. Additional information about GM Energy and its ecosystem of available product and service offerings is available at gmenergy.gm.com.

¹Product availability at launch will be limited to California, Florida, Michigan, New York and Texas, with plans to expand over time.

²Actual production will vary. The GM Energy PowerShift Charger and GM Energy V2H Enablement Kit shown requires an adequately charged and properly equipped GM EV (anticipated 24MY Silverado EV RST, 24MY Sierra EV Denali, 24MY Chevrolet Blazer EV, 24MY Chevrolet Equinox EV, 24MY Cadillac LYRIQ) having bidirectional charging capabilities, a properly equipped home, and proper grid interconnection. Some eligible 24MY EVs will require a dealership or over-the-air update to enable bidirectional charging. Weather conditions, life of the battery, vehicle variation and usage, and other external factors may impact the duration of power supply. Power supply may be interrupted.

GM Energy, a wholly owned subsidiary of General Motors, is focused on expanding and accelerating a holistic energy ecosystem through new products, software and services, including broadening access to EV education and resources, expanding public charging infrastructure, and developing new energy management solutions for commercial and residential customers. For more information, visit gmenergy.gm.com.

Cautionary Note on Forward-Looking Statements This communication and related comments by management, may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words like "aim," "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions. In making these statements, we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the SEC, include, among others, the following: (1) our ability to deliver new products, services, technologies and customer experiences; (2) our ability to timely fund and introduce new and improved vehicle models; (3) our ability to profitably deliver a broad portfolio of EVs; (4) the success of our current line of internal combustion engine vehicles; (5) our highly competitive industry; (6) the unique technological, operational, regulatory and competitive risks related to the timing and commercialization of AVs, including the various regulatory approvals and permits required for operating driverless AVs in multiple markets; (7) risks associated with climate change; (8) global automobile market sales volume; (9) inflationary pressures, persistently high prices, uncertain availability of raw materials and commodities, and instability in logistics and related costs; (10) our business in China, which is subject to unique operational, competitive, regulatory and economic risks; (11) the success of our ongoing strategic business relationships and of our joint ventures; (12) the international scale and footprint of our operations, which exposes us to a variety of unique political, economic, competitive and regulatory risks; (13) any significant disruption at any of our manufacturing facilities; (14) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (15) pandemics, epidemics, disease outbreaks and other public health crises; (16) the possibility that competitors may independently develop products and services similar to ours, or that our intellectual property rights are not sufficient to prevent competitors from developing or selling those products or services; (17) our ability to manage risks related to security breaches and other disruptions to our information technology systems and networked products; (18) our ability to comply with increasingly complex, restrictive and punitive regulations relating to our enterprise data practices; (19) our ability to comply with extensive laws, regulations and policies applicable to our operations and products, including those relating to fuel economy, emissions and AVs; (20) costs and risks associated with litigation and government investigations; (21) the costs and effect on our reputation of product safety recalls and alleged defects in products and services; (22) any additional tax expense or exposure or failure to fully realize available tax incentives; (23) our continued ability to develop captive financing capability through GM Financial; and (24) any significant increase in our pension funding requirements. A further list and description of these risks, uncertainties and other factors can be found in our most recent Annual Report on Form 10-K and our subsequent filings with the SEC. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by law.

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SOURCE General Motors Company

FAQ

What new product suite has GM Energy rolled out?

GM Energy has introduced a new product suite that enables customers to transfer power between electric vehicles (EVs) and homes.

How can customers control their energy management with GM Energy's offerings?

Customers can have greater control over their energy management between their vehicles, homes, and other products through flexible bundle options and software integration available through GM vehicle brand apps.

Where can customers purchase GM Energy's initial product offerings?

Customers can now purchase GM Energy's initial product offerings for home through a newly launched e-commerce platform.

What educational resource does GM Energy provide for customers?

GM Energy offers an educational resource called Energy Live platform to help customers learn more about their products and services.