General Motors Unveiling Blazer EV: Here's What Investors Should Know And The Vehicle's Premiere Date

One of the largest automotive companies in the world is set to unveil another highly anticipated electric vehicles later this year, a take on a classic well-known brand from the company.

What Happened: Chevrolet, a brand owned by General Motors Company GM, will unveil its 2024 Chevrolet Blazer EV on July 18.

The vehicle was previewed earlier this year, but the new July date will mark the world premiere of the vehicle. The 2024 Chevrolet Blazer electric vehicle will be built on GM’s Ultium platform and will be available for sale in the spring of 2023.

“Developed from the ground up, the Blazer EV offers a groundbreaking mix of style, performance and technology,” info attached to the preview image says.

Production for the vehicle could take place in Mexico, where GM is currently producing the standard Chevrolet Blazer and Chevrolet Equinox, according to InsideEVs.

This will mark the first Chevrolet electric vehicle with a performance “SS” model, the report adds.

“Allow me to share a sneak peek at the all-new @Chevrolet Blazer EV. I can’t wait until July 18, when we share the details with the world,” General Motors CEO Mary Barra tweeted.

Related Link: Differing Analyst Views On General Motors Q1 Earnings 

Why It’s Important: Barra has put an emphasis in the company’s transition to electric vehicles. The automaker has a goal of introducing 30 electric vehicle models by the year 2025.

“GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investments to scale faster because we see momentum building in the United States for electrification,” Barra previously said.

The Chevrolet Equinox electric SUV is also in the works by General Motors, which could give the company two well-known brands in the electric vehicle sector of SUVs.

No price has been given for the Blazer EV. The Equinox EV is expected to have a starting price of around $30,000. The 2023 Chevrolet Bolt EV has a starting price of $26,595.

The Chevrolet Blazer is among the top-selling vehicle brands for General Motors.

While Tesla Inc TSLA dominates the electric vehicle space for cars and Ford Motor Co F will see strong demand for the electric pickup vehicle market, the SUV space is still relatively open and could be a place for General Motors to go after market share with two big brands like Equinox and Blazer.

Price Action: General Motors shares are up 3% to $33.23 on Tuesday.

Photo: Courtesy of news.gm.com