It was just last week that General Motors (GM) held their first ever EV Day, where the automaker revealed plans to release up to 13 new electric vehicles (EV’s) in the next 5 years.
One week later, GM has already hit a road block, as they announced this week the cancellation of the unveiling of their first new EV, the Cadillac Lyriq. The electric crossover was supposed to be the first EV built on the company’s new Ultium battery that is supposed to achieve better range for lower cost than Tesla’s battery packs.
Worse yet, the delay of the unveiling could mean a delay in rolling out the Lyriq, as a spokesperson told Bloomberg Cadillac is now reevaluating plans after the cancellation.
The Coronavirus has had a big impact on automakers and their new EV announcements, as the Geneva Motor Show earlier this month was cancelled after a ban on public gatherings in the country.
Despite the positive press around GM’s EV Day last week, with many seeing it as a real threat to Tesla, GM shares have been hit hard, falling to its lowest levels since 2012.