General Motors Company (GM) Earnings Call Transcript & Summary

Hello and happy new year to everyone joining us today. Obviously, I'm not on stage at CES in Las Vegas. I'm actually on the stage of the historic Fox Theater in Detroit. While the venue has changed, our message and our pursuit of sustainability and climate equity remain every bit as vital. That's what drives the passion and energy at General Motors as we lead one of the most profound transformations of any industry. GM is redefining how people and goods are moved. Our commitment to a vision of a world with Zero Crashes, Zero Emissions and Zero Congestion has become a movement and has positioned us ahead of much of the competition. As we implement our growth strategy, we have an opportunity and, frankly, a responsibility to create a better future for generations to come. Visionary investments made over the past decade in electrification, software-enabled services and autonomous driving have enabled GM to transform from automaker to platform innovator, one with the vision, the people and the technology to change the world. We are creating world-class technology solutions and services that will change the way people move along with new fleet solutions and entirely new business models. Our stated goals begin with becoming carbon neutral as a company by 2040. To help us meet that goal, we are on track to invest $35 billion in electric and autonomous vehicles by 2025, powering our plans to launch more than 30 electric vehicles globally over that same time frame, including options for every price point and lifestyle. As previously announced, our plan is to have all new light-duty vehicles be electric by 2035. And today, I'm pleased to announce that we'll introduce all electric heavy-duty vehicles on that same timetable. These all-electric HD trucks will be engineered to deliver effortless heavy-duty hauling and towing, while offering customers amazing new features and a range needed to get the toughest jobs done. We plan to convert more than 50% of our manufacturing footprint in North America and China to EV production by 2030. The Ultium transformation has already happened at Factory ZERO in Detroit and is underway in Spring Hill, Tennessee. To meet the demands for batteries, we believe that we have one of the most vertically integrated supply chains for battery production in the industry. Two of our battery plants are already under construction today in Ohio and Tennessee and 2 more U.S.-based plants are also being planned as we build the scale that will enable us to lower the cost of EVs to make them accessible to everyone. 100% renewable energy will power all of our U.S. facilities by 2025 and globally by 2035. We're also taking strategic steps to simplify and strengthen our semiconductor supply chain for the long term and partnering with leading semiconductor manufacturers. These actions on semiconductors and our new battery plants are all part of a broader initiative to build a more secure EV supply chain. At the same time, we are investing nearly $0.75 billion through 2025 to expand access to EV charging in the U.S. and Canada. And because our vision is about people, we allocated $25 million to climate equity to help ensure that people and communities most affected by climate change are not left behind. Our commitment to ESG, environmental, social and governance, is foundational to our strategy and the opportunity is massive. One year ago at CES, we launched our Everybody In campaign, inspired to use our technology and scale to take everybody on the journey to a more equitable, safer, all-electric future, a mission that includes developing products other companies will use to help them meet their own sustainability goals. To get there, we made a crucial decision to invest in a dedicated all-electric vehicle platform that has scale and flexibility that's designed to provide GM's EV customers with longer range, faster charging times at lower cost while providing our designers and engineers with the kind of freedom to create vehicles they previously could only dream about. And that's Ultium, a revolutionary vehicle platform that can be used to make EVs ranging from compact crossovers, to trucks, to sports cars. Ultium features a combination of groundbreaking battery architecture, electric propulsion systems and a common high-energy chemistry agnostic battery cell that will power an entire range of next-generation electric vehicles. The same hardware platform that created a super truck like the GMC Hummer EV will also create the stunning Cadillac Lyriq and soon, higher volume entries across the globe, across the spectrum of GM brands that gets us even closer to our vision of a zero emission and carbon-neutral future. But Ultium's flexibility extends beyond towers, trucks and crossovers, even beyond automotive. We've recently announced a collaboration to develop and commercialize Ultium battery technology and Hydrotec fuel cell systems for Wabtec locomotives, combining the technologies to help pave the way for zero emissions rail transportation. Progress is being made, and this is just the beginning. We also have an agreement with Liebherr-Aerospace in France to develop Hydrotec technology along with GM-supplied controls and software to explore the potential use of the technology as auxiliary power for future aircraft, demonstrating one of the many ways our zero emissions technology can be applied beyond surface transportation. Through our most recent deal with Pure Watercraft, we'll be co-developing and commercializing battery electric watercraft to help accelerate the boating industry's transition to electrification. Where Ultium is the hardware platform, Ultifi is the end-to-end software platform that enables frequent and seamless delivery of software-defined features, services and ownership experiences. Ultifi is made possible by the investments we made in GM's vehicle intelligence platform, which we began rolling out in 2019 and is now on 7 vehicles, unlocking the ability to scale new software and services rapidly, seamlessly and securely. It will allow customers to update their vehicle software and download new content over the air. They can even upgrade their vehicle driving dynamics. For example, the technology is capable of allowing drivers to download a software calibration to boost the vehicle's acceleration. This over-the-air capability marks the transition from software-enabled vehicles to software-defined vehicles. Scott Miller is GM's VP of software-defined vehicles and operating systems. He and his team are developing the features and functions that enable Ultifi to reinvent the ownership experience. [Presentation]

Ultifi began with a simple question. How can we enable incredible future customer experience that only exists in our wildest dreams? We believe Ultifi will revolutionize almost everything we know about the driving experience, truly. While the world has been developing operating systems for things like this, we developed Ultifi as an operating system for things like this. Traditionally, the software that controls our vehicles would be embedded in control modules distributed around the vehicle. We're developing this new Linux-based software platform that allows us to separate the key software from the hardware to deliver new features and services more rapidly. What that means to our customers is going to be amazing. Ultifi is a platform that enables the frequent and seamless delivery of upgrades, personalization options and new and exciting apps to drivers on demand. It's essentially always ready to provide available updates over the air, whenever preferred by the customer. As a platform, it's got impressive capability, lightning fast processing, robust cybersecurity and secure cloud connectivity and it's developer-friendly. In fact, it's so developer-friendly that we are encouraging as many third-party app integrators as possible to use our Linux-based platform to innovate for our customers. Let's talk about what a future with Ultifi might look like. What if you could change the theme of your interior based on your mood, making it more entertaining and more comfortable. What if your parked car could close its windows before it starts to rain or use its sensors to adjust teen driver settings for extra caution in school zones or simply open your garage door and turn on the lights as you pull into your house. Imagine if you could add options like more advanced driver assist features to your vehicle years down the road that weren't even available when you first brought it home. All of that may be possible with Ultifi. We'll leverage the technology that already exist on our vehicles, the sensors, the cameras, the controllers and introduce cloud services to add new features without disrupting their original function. So get ready for the future. Thanks to Ultifi, there are infinite possibilities to create new customer experiences for GM vehicles that can be updated again and again for years to come. And all we have to do now is dream them up together.

As Ultium and Ultifi come to market, we're creating profound benefits for customers and for society at large and new opportunities for GM to positively impact not only the way people move but goods as well through emissions-free driving. We're calling this the Ultium effect. There are 5 waves, which can be explored through our online CES experience. The foundational first effect is GM's ability to rapidly scale and disrupt established categories such as insurance and the defense industries. In the case of BrightDrop, Ultium has enabled us to create entirely new categories. Just 1 year ago, we introduced BrightDrop as an ecosystem of light commercial electric vehicles, electrified containers and cloud-based software that reimagines the delivery industry for an all-electric future, building smarter and more efficient solutions for last mile logistics. It's a great example of GM's ability to incubate startup ideas into fully fledged businesses, bringing new revenue streams and new growth opportunities to the company. And of course, BrightDrop and its fleet customers will join GM in the race to help decarbonize e-commerce, which is exploding as an industry. Here is BrightDrop's President and CEO, Travis Katz. [Presentation]

Thank you, Mary. At BrightDrop, we are reimagining delivery for an all-electric future. BrightDrop leverages the best of 2 worlds, the cutting-edge innovation, agility and focus of a technology startup with the engineering and manufacturing might of General Motors. This combination gives us powerful advantages over both traditional automakers and startups. One of the proof points of this advantage is our speed to market. We delivered our first all-electric delivery vans to FedEx last month, just 20 months after the vehicle was conceived, making the EV600 the fastest vehicle to market in GM's history. You see there's real urgency here. E-commerce is expanding at an exponential rate. By 2023, FedEx estimates 100 million packages will be delivered every day in the U.S. alone. This growth presents an amazing business opportunity, but it also creates real life challenges, including labor shortages, increasing congestion on our streets and of course, an increase in carbon emissions. At BrightDrop, we are not only creating solutions to address these challenges but have the ability to deploy them at scale. With our Ultium-based electric vans, BrightDrop will help to significantly reduce carbon emissions from last mile delivery, the hidden footprint of e-commerce. And with our software and electrified containers, we can help dramatically reduce traffic congestion in our cities and help make our streets safer for both pedestrians and drivers. And now BrightDrop is about to help transform the fleets of 2 of the world's most iconic brands, joining us as both customers and collaborators on our journey to decarbonize the last mile. The first is none other than FedEx, a titan of delivery. We've been working with FedEx for some time already, but our collaboration is about to take on an entirely new dimension. It's tremendously exciting. Joining us via video is FedEx President of the Americas, Richard Smith.

Thank you, Travis, and hello from the FedEx World Headquarters in Memphis, Tennessee. Together, we are truly transforming transportation. FedEx and BrightDrop have made stunning progress together in the span of just 1 year. Last year at CES, we announced that FedEx would purchase the first EV600 cargo trucks for our fleet. Well, I'm happy to report we recently received the first 5 EV600s in Inglewood, California, an important step towards meeting our milestones. And we are very, very pleased with them. Last year, we also announced that we were conducting a limited pilot in New York City with BrightDrop's electric container, the EP1. We found that it helped us increase our delivery efficiency by 15% and cut curbside dwell time in half, all while reducing physical strain on our couriers. We plan to expand testing of the EP1 into 10 markets beginning this year. Last March, we also announced our goal of achieving carbon-neutral operations by 2040, an ambitious goal considering the vast size of our global transportation networks. Across FedEx worldwide, we envision adding over 200,000 medium-sized electric pickup and delivery vehicles as we march toward our 2040 goal. Electrifying our pickup and delivery vehicle fleet is a critical component and makes sense from a service and financial standpoint. It translates to more reliable service for our customers, better returns for our shareholders and stewardship of the environment, a win, win, win. This is where now meets next for FedEx. By 2025, we're planning for 50% of FedEx Express global pickup and delivery vehicle purchases to be electric, rising to 100% of all purchases by 2030. We have what we call a Goldilocks vehicle sizing strategy, small, medium and large vehicles and specific operational uses for each. BrightDrop's current commercial EV portfolio with the EV410 and the EV600, can cover the small- and medium-sized needs for FedEx. This lineup would meet about 2/3 of our total pickup and delivery EV fleet demand, so roughly 120,000 to 130,000 vehicles. We've also talked to BrightDrop about the remaining 1/3, which will require a larger vehicle with cargo space in excess of 1,000 cubic feet and hope to work with them on that as well. The bottom line, though, is this. We are going to need to add a lot of commercial vehicles before 2040, infrastructure willing, of course. Towards that end, we've added to our initial agreement with BrightDrop to secure priority for production of up to 2,000 additional EVs over the next few years. And we continue to work with BrightDrop on a longer-term agreement to reserve production of many more EVs, up to 20,000 to be delivered in the years to follow, subject to further negotiations and execution of a definitive purchase agreement. I am thrilled to be part of today's event, further demonstrating our commitment to electrifying our pickup and delivery fleet and meeting our sustainability goals. We will continue to meet the world's increasing trade and transportation needs with innovative technology companies like GM and BrightDrop in environmentally sustainable ways for our communities.

Thank you for your ongoing support, Richard. You've been on this journey with us from the beginning, and I feel strongly that we're just beginning to scratch the surface of what our 2 companies can achieve together. Travis mentioned 2 iconic global brands. It is my pleasure to introduce another iconic company, an important General Motors collaborator. We're thrilled to announce that Walmart, the world's premier multinational retailer with their own proven commitment to sustainability, will also bring BrightDrop delivery vehicles to their fleet. Joining us by video is Walmart's CEO, Doug McMillon.

Thank you, Mary. We're excited about working together with you and your team. Walmart has been changing to serve customers in the ways they want to shop. In the U.S. today, with partners like FedEx, we maintain our promise of free next-day and 2-day shipping from our e-commerce fulfillment centers. We offer pickup in more than 3,700 of our stores and 600 Sam's Clubs, and delivery from more than 3,400 stores and an increasing number of Sam's Clubs. We can get orders delivered to customers' doorsteps in 2 hours and in some cases, a lot faster than that. In some U.S. markets, we also offer Walmart in-home delivery. In-home delivery relies on highly trained associate delivery drivers, who not only transport customer orders but place those orders directly into the customer's kitchen or garage refrigerator. Today, we're announcing that we're dramatically expanding in-home, taking it from being available to 6 million households to 30 million U.S. households by the end of this year. We'll support this growth by creating new roles for more than 3,000 associate drivers this year. These will be our own experienced vetted associates rather than independent contractors. And we'll need a lot of vehicles to do it sustainably. Those will be all electric delivery vans. BrightDrop is an important part of this equation. We've been impressed by BrightDrop's ability to bring a sustainable EV to market. So we've reserved 5,000 BrightDrop EVs that will begin hitting the road in 2023. The vans will not only be used to support in-home delivery in 2023 but also our broader last-mile delivery initiatives. This includes deploying BrightDrop electric vans to enable low emission deliveries for other retailers and brands via Walmart GoLocal, our delivery as a service business, which is being utilized by the Home Depot, Chico's and others, including small local retailers. Not only does the implementation of EV support our goal of operating a zero emissions logistics fleet by 2040, it's also supported by our growing infrastructure of 1,396 EV charging stations at our stores and clubs across 41 states. Mary, this is exciting news for Walmart and BrightDrop but it isn't the first time we've joined forces with GM to bring more sustainable delivery options to market. Last year, we invested in Cruise, GM's 100% all electric self-driving company. Using those vehicles, we launched autonomous commercial deliveries in Scottsdale, Arizona, and have since made more than 2,700 deliveries to Walmart customers. These EV and AV programs, with GM support, Walmart's goal of operating a 100% zero emissions logistics fleet by 2040, which is part of our plan to become a regenerative company. Thank you, Travis, and thank you, Mary. We appreciate the partnership.

I'm so proud to see the GM and Walmart teams working together toward a sustainable future for everyone. Thank you so much, Doug. If you're going to start a movement to change the world, you need passionate and like-minded collaborators. FedEx and Walmart, 2 of the most respected companies in the world, are all in. They understand the potential that comes from our combined scale and reach. And like us, they understand that it isn't just about tomorrow. It's about the long game and the journey that takes us to a zero emissions future. I've been driving the Chevrolet Bolt EUV for some time, and I have to tell you, it is so much fun to drive. Once you experience an electric vehicle, you'll be all in. The Ultium-based GMC EV Hummer pickup is revolutionary in terms of its presence, performance and capability. And the Cadillac Lyriq, which arrives just months from now, leverages Ultium to create a driving experience that will define the expectations for electric luxury vehicles. Today, I'm excited to share another example of a compelling product, designed from GM's Ultium EV platform. It builds on more than a century of Chevrolet truck dominance, industry-leading innovation and taps into the limitless imaginations of our engineers and design teams. We've created a truck that is more than just an electric truck. This is a purpose-built Chevrolet Silverado EV. [Presentation]

The Chevrolet Silverado EV will harness the best of the Ultium platform and Silverado's proven credentials as the brand's best-selling nameplate. It will offer a revolutionary mix of capability, performance, safety, flexibility and design that catapults this electric truck for both fleet and retail customers into a category of its own, while offering a GM estimated range of at least 400 miles on a full charge. I'd like to introduce the Chief Engineer of the Chevrolet Silverado EV, Nicole Kraatz, along with Ryan Vaughn, Silverado EV Design Director, who will tell us more.

The Silverado EV doesn't just set the standard for all electric pickups, it sets the bar for traditional truck capability and completely reimagines what a truck can be. We will offer several variants of the Silverado EV, starting with a work truck and the higher-end RST model in late 2023. Our clean slate approach allowed us to create a new body architecture, which efficiently leverages the available 24-module Ultium battery pack as part of the fundamental structure, which enables our impressive range. This structural design integrates the capabilities Silverado customers have come to expect from a full-size pickup in terms of strength, durability and performance, while also providing a more comfortable, confident ride both on and off-road. Offering a GM estimated range of 400 miles on a full charge on both work truck and RSG models, Silverado EV customers get all they can expect from a Chevy truck and so much more. And standard DC fast charging capabilities of up to 350 kilowatts enable the Silverado EV to add approximately 100 miles of range in only 10 minutes on public DC fast chargers. Two motors deliver power to the available 24-inch wheels on RST, improving vehicle responsiveness and control. The power is impressive and immediate. At the push of a button on the RST, Wide Open Watts Mode delivers at least 664-horsepower and an impressive 780-foot pounds of torque at the driver's disposal, boasting a GM-estimated 0 to 60 time of under 4.5 seconds. The chassis is designed with independent rear suspension, add to that automatic adaptive air suspension and the Silverado EV can raise and lower up to nearly 2 inches in each direction, 4-wheel steering offers a tighter turning radius at low speeds, and improved handling and stability at higher speeds, including great trailering dynamics. The RST model offers up to 10,000 pounds of towing capability and 1,300 pounds of payload. When it comes to power in the Silverado EV, we went above and beyond traditional truck performance. When combined with the available accessory power bar, the power-based charging system offers up to 10 outlets to provide a total of 10.2 kilowatts of all electric power available for your campsite, job site and even your home. The Silverado EV is capable of charging another EV using the available accessory charge cord. The possibilities are truly endless, and we can't forget available Super Cruise with trailering, the industry's first true hands-free driver assistance technology for compatible roads. Last but certainly not least, the Silverado EV will offer a comprehensive suite of standard and available safety features. Together, these technologies give drivers more confidence behind the wheel.

Our goal as a design team was to leverage the flexibility of the Ultium platform to deliver a truck that conveys capability and athletic performance. The front-end design is sculpted to efficiently direct air down the body side, significantly reducing drag and turbulence. The Silverado EV work truck is estimated to have one of the lowest drag coefficients of any available production full-size pickup truck, which helps enable our impressive available range. The Ultium platform allows us to imagine new storage and utility possibilities that come with an entirely new EV-centric design. Silverado's etrunk, a lockable weatherproof compartment in the front of the vehicle, provides enough space for a large suitcase and has a multitude of accessory options based on the unique needs of the customer. The storage capacity of the 5-foot 11-inch bed is maximized, thanks to an innovative available multiflex midgate, which provides just over 9 feet of storage between the cab and the tailgate when open. A 40-60 second row split offers 4 configurations that create the ability to haul gear or equipment while still accommodating a passenger in the second row. An optional tonneau cover adds lockable weatherproof storage to keep cargo protected from the elements. When you add in the available multiflex tailgate with 6 functional positions, there's up to 10 feet, 10 inches of load floor and storage capability. Inside, we integrated significant first row storage on both the work truck and RST trims. These solutions are flexible, enabling customers to use the space in a way that best meets their needs. For example, the RST's modular console features a capacity of just over 7 gallons. This means a lunch cooler can easily fit inside with room to spare. That's in the center console, sitting right between the driver and passenger. We took advantage of the Ultium architecture to shorten the front overhang for enhanced forward down vision and pushed the rear seats rearward, giving us spacious second row legroom. Passengers well over 6 feet tall will be comfortable and they won't have to figure out where to put their feet around the tracks of the seat in front of them. And the RST's fixed glass roof offers expansive visibility, increased headroom and an enhanced experience of spaciousness for both front and rear passengers. The Silverado EV is packed with the latest technology, which engages customers even before they get behind the wheel. When a customer approaches the truck with an enabled cellphone or key fob, the Silverado EV RST greets them with a unique exterior lighting animation. The driver-focused screens present information in a customizable and intuitive format. Upon entering the vehicle, a 3D animation appears on the massive standard 17-inch diagonal free-form LCD infotainment screen, which is paired with a neighboring 11-inch diagonal driver instrument display. Together with the driver heads-up display, with a field of view of over 14 inches, a driver can't ask for more information at their disposal. With new hands-free start, the vehicle turns on automatically after the customer enters with an enabled device, leaving hands-free to buckle up and get on the road. The Silverado EV will be the first Chevrolet vehicle to feature Ultifi, giving drivers the opportunity to evolve their vehicles over time, both enhancing the vehicle capabilities and accessing cloud services in the most flexible and fastest way possible.

We are on a relentless pursuit to offer a truck for every customer and the possibilities expand as we move into an all-electric future. It's our mission to offer solutions to other companies with sustainable transportation goals. And the Silverado EV is a critical driver of that change. The work truck trim will offer substantial capability, up to 510 horsepower and 615-foot pounds of torque, 8,000 pounds of towing capability and 1,200 pounds of payload. After initial launch, we will introduce a model with a max tow of 20,000 pounds. There are also nearly endless options to accessorize the work truck as dictated by our customers' unique business needs and a robust software system gives fleet owners the tools they need to effectively manage their EV fleet, including features that help regulate charging, grid usage and more. we will launch our fleet model first, offering a GM estimated range of over 400 miles on a full charge. We are not alone in our desire to embrace an EV future and move the world forward with sustainable transportation. We're starting a movement. Let's hear from 2 other companies who are on the same mission and have expressed interest in buying some of the first Silverado EVs for their fleets. [Presentation]

We just gave you a first look at our Silverado EV lineup that's coming, starting with a work truck and followed soon after by the Silverado RST. We will launch a work truck model in spring of 2023, offering an expected GM estimated range of at least 400 miles on a full charge. Additional lower-range work truck models will follow, giving customers a variety of choices with different ranges and price points to meet their needs, including a base model at a very competitive starting MSRP of USD 39,900 plus dealer freight. The Silverado EV RST first edition will launch in the fall of 2023 as an exclusive fully loaded model. At its core, the Silverado EV maintains the prowess that Silverado is known for, but takes it even further. It can tow, haul, carry and do it all with incredible performance and dependability, both on and off-road with no tailpipe emissions. Just as we saw with the Cadillac Lyriq and the GMC Hummer EV pickup and SUV, we expect a lot of early interest in this track. So starting today, you can place your reservation for the Silverado EV at chevrolet.com. But that's just the beginning. As you would expect from Chevrolet, we will offer additional variants and models after initial launch. We're excited to give you a sneak peek at the future Silverado EV Trail Boss model, which taps into our strong foundation of capable factory-lifted trucks. So for those customers who want something even more rugged and off-road capable, we have you covered. Today, our network of valued Chevrolet dealers sell to a wide range of customers at virtually every price point and in every segment. With an established full-line brand like Chevy, we can be in multiple segments and with the volume, models and the value customers all over the world have come to expect from Chevrolet. As our most popular vehicle brand, Chevy will be front and center in our mission to provide EVs for everyone. We're at the tipping point of electrification, and we are expecting this to be a massive year for Chevrolet's EV future. Very soon, we will also reveal the Equinox EV SUV. Actually, I'm giving you a sneak peek right now. The Equinox EV will be available next year, starting at an estimated MSRP of around $30,000 in the U.S. We will also debut the Blazer EV SUV later this year, priced right with a high level of refinement and options. The Blazer EV will also be available in 2023. These SUVs will have high appeal with both retail and fleet customers ready to embrace an EV future, further expanding the breadth of our Ultium platform. When you look at the Chevrolet EV portfolio arriving over the coming years, including entries in the industry's top 2 largest and fastest-growing segments, no other full line and full-size truck brand today can match the purpose-built EV portfolio of Chevrolet. In addition to our electric vehicle strategy, GM and Cruise are also pursuing the most comprehensive path to autonomous mobility in the industry, a journey that will accelerate as we transition to EVs. It's a journey that started in 2016 with the acquisition of Cruise and then in 2017, when we introduced Super Cruise on the Cadillac brand, offering the industry's first true hands-free driver assistance technology. Cruise is on a distinct path to a fully autonomous future. Today, Cruise remains the only company able to conduct rides with passengers and without a driver in the city of San Francisco. In fact, Kyle Vogt, a Founder, CTO and interim CEO at Cruise was the first to enjoy a driverless ride in November with many more employees having completed rides since then. Here are a few reactions for some of the first few riders from the Cruise family. [Presentation]

Meanwhile, we are working to test and validate the Cruise Origin, one of the first purpose-built fully autonomous vehicles to hit the streets in production form. That work is happening as we speak with GM Cruise and Honda working closely together on the AV system, the new form driverless vehicle and the integration of the 2 into a wholly new user and rider experience. The team at Cruise remains on track to begin commercialization in the coming months. In addition to Cruise's leadership on full autonomous capability, GM is also working on advanced driver assistance technology with Super Cruise and Ultra Cruise. Super Cruise has resonated with our customers, with more than 85% of those who experienced the technology telling us they want it in their next vehicle. More than 10 million miles have been driven using Super Cruise, and that number grows every day. We'll have Super Cruise available on 22 models across our GM brands next year, and we'll add even more each year, ultimately making the technology available across the majority of our portfolio. We're also adding to its capability, using over-the-air updates, to enable new Super Cruise features such as lane change on demand, automatic lane change or trailering, an industry first, with still many more features on the way. Thanks to Ultifi and the VIP Electrical Architecture, software updates like these can be added to new models at launch or backcast to previous select models over the year more frequently than before. Ultra Cruise coming next year is the next big step in our journey. Ultra Cruise is a game changer and will take driver assistance technology to the next level. Ultra Cruise will deliver door-to-door hands-free driving in 95% of driving scenarios, covering city streets, subdivisions, rural areas and highways, eventually expanding to every paved road in the U.S. and Canada. Ultra Cruise is not just a game changer in terms of what it enables, a door-to-door hands-free driving experience, but a technological one as well. For example, the compute architecture that will power Ultra Cruise was co-developed by GM and Qualcomm. About the size of 2 laptops placed on top of each other, the system uses the latest Snapdragon Ride 5-nanometer system on chips, all defined by software that has been developed completely in-house by General Motors. We believe Ultra Cruise will be the premier advanced driving assistance system on the market and capability and safe operation. Our customers will have both. It will leverage the Ultifi software platform and VIP to enable the system to evolve over time with more frequent updates, adding features, services and functions, all over the air. This will not only help keep Ultra Cruise on the leading edge, but will also provide data to enhance performance both now and in the future. Both Super Cruise and Ultra Cruise represent access to breakthrough technology for the customer, both offering more features, conveniences and enhancements over time. The combination of Ultra Cruise for premium offerings and Super Cruise for others will expand driver assistance technology across GM's portfolio, making the technology available to more drivers than ever before. I'm excited to announce that the Cadillac Celestiq Ultra Luxury Sedan will be one of the first vehicles to feature Cadillac's commitment to reimagine the artful integration of design and technology. Provided at exclusive volumes, each Celestiq will be hand-built, handcrafted and tailored to reflect the unique taste and desires of its owner, delivering on an experience that will become the definition of luxury EV ownership for a new generation of luxury buyers. You will be hearing more about Celestiq and our ambitious skyward trajectory for the Cadillac brand in the first half of 2022. The same spirit of innovation that is driving Celestiq to redefine luxury transportation is also propelling GM's path to autonomy, which will bring us to a time when we will offer a range of fully autonomous transportation working with Cruise. As I mentioned a moment ago, we expect that Cruise will be the first to enable large-scale commercial autonomous experience for both rideshare and delivery. And we are looking further down the road at opportunities to extend fully autonomous vehicle technology to personal transportation with the safety and quality our consumers expect and with leading-edge autonomous vehicle technology that will transform the ownership experience as we know it. In pursuing multiple paths simultaneously, GM and Cruise are gaining significant technological expertise and experience, and we are working to be the fastest to market with a retail personal autonomous vehicle. In fact, we aim to deliver our first personal autonomous vehicles as soon as the middle of this decade. These groundbreaking vehicles will recreate the economies of scale that lower the cost and increase the quality of Cruise's rideshare and delivery networks, all while bringing the amazing experience and positive impact of autonomous vehicles to a much larger audience. GM and Cruise teams will continue to work together to build a range of future personal autonomous vehicles, enabling us to aggressively pursue the massive AV market opportunities that lay ahead and to lead for both commercial and retail applications. Last year, we gave the world an initial look at personal autonomous design concepts from Cadillac that capture the range of multimodal possibilities, and we are working to explore with personal autonomy. But the real story is the unique and personalized experience that each one provides. InnerSpace is the next chapter of Cadillac's Halo Concept portfolio. Here is Mike Simcoe, GM's Vice President of Global Design.

Last year at CES, I had the pleasure of introducing you to the Cadillac Halo portfolio. With these designs, we're exploring not just the concept, but the reality of fully autonomous luxury transportation. We're continuing to build on the big idea of effortless travel through extraordinary means and inspiring our designers to be bold. The results of stunning transportation experiences in multiple forms that go way beyond four doors and four wheels. That's what makes the Halo portfolio so intriguing. It leans into the very real possibilities of personalized autonomous mobility through multiple vehicles, each designed for specific occasions and purposes. Like when you need to be in a meeting across town during rush hour and time is of the essence. This personal space is a conceptual indicator of GM's interest in aero mobility. It meets you on the roof, provides a space to continue working and a panoramic view to inspire great ideas before it drops you at a Vertiport closest to your destination. There are times when you're out for the evening and you want to socialize with a group of family or friends on the way to your destination. This social space concept encourages its passengers to focus on one another, while its biometric sensors enhance personal well-being, adjusting temperature, humidity, lighting, ambient noise and even aromatics so you can travel in comfort and arrive in style. Now today, we'd like to introduce our newest Halo, the Innerspace, a dramatic two-passenger electric and fully autonomous luxury concept. The concept was developed for our demanding world, where intimacy and relaxation have become precious and rare commodities. Innerspace puts human wellness and connection at the center of a driver's environment, allowing 2 passengers to focus on their journey. The expansive glass roof and sculpted body side allows unimpeded views. The doors and the roof opens as one and the seats pivot outward to create a welcoming and comfortable entry and a thoughtful gracious egress. The Innerspace immediately recognizes you and your voice. The AI-driven interface with biometric tracking capability mirrors your digital device and evaluate your personal needs. Passengers can interact with the intuitive tactile voice controls and the immersive wraparound LED surface can further tailor their experience, choosing between 3 preset themes: augmented reality, entertainment or wellness recovery. And thanks to Ultifi, we can evolve the customers' experience over time as new technologies and ideas come to the surface. Transportation is changing faster and more dramatically than it has in over a century. Just imagine the future possibilities built around Ultium and Ultifi platforms and enabled by our comprehensive approach to EVs, AVs and software development. Concepts like these articulate our vision of a world with Zero Crashes, Zero Emissions and Zero Congestion in a most luxurious and artful way.

Innerspace and the rest of the Cadillac Halo portfolio help us to articulate our vision for an autonomous future. And while they are concepts, our path to autonomy is comprehensive and very real. In short, we believe GM and Cruise have the technology, expertise and scale to capture both the advanced driver assist and driverless AV market opportunities before anyone else. At today's General Motors, we are witnessing the effects of our transformation from automaker to platform innovator in both practical terms and in mindset. We're witnessing what's possible when innovators and problem solvers embrace the opportunity to change the world, knowing they have the tools and the technology to do precisely that and to deploy them with unmatched speed and scale. We are expanding our position in autonomous driving and electric vehicles, and we intend to lead in both. When you consider the GM EV portfolio today and just on the horizon, including BrightDrop, electric vans, Chevrolet Silverado EV, Equinox EV, Blazer EV, Bolt EV and EUV, GMC Sierra EV, GMC Hummer EV, Cadillac Lyriq and Celestiq, no other automaker today matches the depth and the range of GM's growing all-electric portfolio. Make no mistake. This is a movement. [Presentation]

I hope everyone feels our passion for this movement. That video underscores that our pursuit of climate equity, of a safe, more equitable all-electric future is truly for everyone. It also demonstrates the strength of our diversity. So if you like what you're seeing and hearing, if you want to help change the world, join the movement, bring your passion and talents to General Motors. That leaves the question of why. Why are we doing this? For me, it comes down to this. Technology driven by purpose can change the world. GM's Ultium platform means we no longer need to imagine a zero emissions future. We're building it. We can, we must and we are, for everyone. Thank you very much.