{"id":30738,"date":"2022-09-03T12:03:39","date_gmt":"2022-09-03T16:03:39","guid":{"rendered":"http:\/\/autosector.com\/?p=30738"},"modified":"2022-09-03T12:03:39","modified_gmt":"2022-09-03T16:03:39","slug":"gm-buick-dealership-buyouts","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=30738","title":{"rendered":"GM to offer U.S. Buick dealers buyouts | Autoblog"},"content":{"rendered":"

General Motors Co<\/a> said Friday it will offer all of its estimated 2,000 U.S. Buick<\/a> franchise dealers<\/a> buyouts as it moves to make the brand all-electric by 2030 in the United States.<\/p>\n

The Wall Street Journal reported the news earlier, quoting Global Buick chief Duncan Aldred who is set to discuss the plans with dealers Friday in a virtual meeting. He noted shifting to EVs will require significant investments by Buick dealers.<\/p>\n

“So if they want to exit the Buick franchise, then we will give them monetary assistance to do so,” Aldred told the newspaper.<\/p>\n

Buick said in June it plans to introduce its first EV in 2024, but did not provide specifics.<\/p>\n

“The future dealer requirements are a logical and necessary next step on our path towards electrification to ensure our dealers are prepared to properly sell and service these unique vehicles,” a GM<\/a> spokeswoman told Reuters<\/em> Friday.<\/p>\n

Last year, GM’s Cadillac brand said it had thinned its dealer network as it shifts to EVs, saying it has nearly 40% fewer U.S. dealers than in 2018.<\/p>\n

GM booked a total of $274 million in costs during 2020 and 2021 related to the effort to buy out Cadillac dealers who were not prepared to invest $200,000 to $500,000 per store in the equipment and training to support the brand’s shift to an all-electric vehicle lineup, planned by 2030.<\/p>\n

Buick traces its roots back nearly 120 years \u2014 five years before GM’s 1908 founding \u2014 to an era when electric cars<\/a> briefly outsold gasoline models in the United States. All Buicks sold back then were gasoline-powered.<\/p>\n

Future Buick electric vehicles<\/a> in the United States and China<\/a> will carry the Electra name, which dates back more than 60 years, along with an alphanumeric designator.<\/p>\n

(Reporting by David Shepardson)<\/em><\/p>\n

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