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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.
"So if they want to exit the Buick franchise, then we will give
them monetary assistance to do so," Aldred told the newspaper.
Buick said in June it plans to introduce its first EV in 2024,
but did not provide specifics.
"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 spokeswoman told Reuters Friday.
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.
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.
Buick traces its roots back nearly 120 years -- five years
before GM's 1908 founding -- to an era when electric cars
briefly outsold gasoline models in the United States. All Buicks
sold back then were gasoline-powered.
Future Buick electric vehicles in the United States and China
will carry the Electra name, which dates back more than 60
years, along with an alphanumeric designator.
(Reporting by David Shepardson)
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