GM Offers 6-Figure Buyouts to Dealers Unsure About EVs
Nov. 24, 2020—General Motors is offering $300,000 to $500,000 to any Cadillac dealer who does not support the brand's shift to electric vehicles.
In the coming years, GM plans to increase spending on electric and self-driving cars to $27 billion, reports Autoblog. The brand's newest electric vehicle, the Cadillac Lyriq EV, launches in 2022 and the brand hopes to phase out internal combustion engines by 2030.
"We wanted to move fast and make sure dealers are ready for the acceleration," said Mahmoud Samara, vice president of Cadillac North America, in an interview with Automotive News. "This is purely an option for those dealers who feel the EV journey is not suitable for them."