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General Motors Partners with Costco to Boost EV Sales
General Motors (GM) is looking to Costco as a key partner in increasing its electric vehicle (EV) sales. The automaker has identified the retailer’s Auto Program as a strategic avenue for growth in this sector.
Marissa West, GM’s North America president, expressed her confidence in the collaboration during an interview with CNBC. She emphasized the significant opportunities that Costco presents for expanding GM’s EV portfolio.
Costco’s Auto Program: A Gateway to Car Sales
While Costco’s member-exclusive Auto Program does not directly sell vehicles, it serves as a facilitator connecting consumers with dealerships to purchase new and pre-owned cars. Partnering with companies like GMC and Volvo, the program offers deals, incentives, and access to both traditional gas-powered cars and EV models.
Currently, Costco members can benefit from a $1,000 incentive when leasing or buying a new 2023 or 2024 Chevrolet model. This promotion includes GM’s Chevrolet Blazer EV and Chevrolet Equinox EV, and it is set to expire on July 31.
Driving EV Adoption through Partnerships
With the automotive industry racing to meet the growing demand for EVs, GM’s alliance with Costco could give it a competitive edge. While specific sales figures through the program have not been disclosed, Costco’s Auto Program has historically facilitated around 500,000 car sales annually.
According to Jay Maxwell, a Costco Auto Program general manager, the retailer’s vast membership base of over 70 million households represents a prime demographic for EV adoption. Maxwell highlighted that Costco provides a platform for automakers to showcase their EVs to an audience eager for innovation.
Costco’s appeal to high-earning consumers, with a significant portion making over $125,000 annually, aligns well with GM’s push into the EV market. This partnership could not only drive sales for GM but also accelerate the overall adoption of EVs among consumers.
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