General Motors Co intends to consolidate its North America sales operations for commercial vehicles, parts and telematics services under a new brand, GM Envolve.
The latter is to compete with Ford Motor Co’s Ford Pro unit along with other brands for revenue from business vehicle fleets, Reuters reported.
According to company executives, the reorganization seeks to make it easier for commercial fleet clientele to negotiate electric and combustion vehicle purchases and to sign up for services and software offerings.
According to Steve Hill, GM’s vice president for commercial growth strategies, commercial clients would previously get called on by representatives from the company’s traditional vehicle brands, the new BrightDrop delivery van unit, the OnStar telematics unit and from a new energy services operation.
The shares of General Motors Company (GM) closed 0.60% ($0.20) lower at $33.08 in New York on Wednesday, while extending the loss from the prior trading session.
The auto maker’s total market cap now stands at $45.985 billion.
The shares of General Motors Company went down 42.62% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The shares have retreated 1.66% so far this year.