GM
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The company will promote electric vehicles to challenge investors to Tesla
DETROIT, United States (Reuters) - General Motors executives will face on Wednesday one of their most difficult tasks: convincing investors that the Detroit automaker can compete with Tesla in the electric vehicle market.
Even when global markets recover from the fears of coronavirus, Tesla's market value exceeds that of GM and most other traditional automakers. On Tuesday, Tesla's market value was around 144 billion dollars, more than three times GM's 45 billion.
GM is by far larger than Tesla in volume and generates more money and profit. But in the market for electric vehicles, Tesla is the leader.
Last year, Tesla sold 367,500 electric vehicles, 223,000 in the United States. GM sold only 16,400 Chevrolet Bolt units in the US and 60,000 Baojun E-Series models in China with the joint venture SAIC Motor.
GM executive president Mary Barra and President Mark Reuss have accelerated the development of electric vehicles over the past three years, focusing on a proprietary battery, a low-cost flexible design and a high-volume production plan, mainly in China.
GM is also developing an advanced battery, in partnership with LG Chem and Honda Motor, which will be smaller than the current batteries used in electric vehicles, can be recharged more quickly and will provide more power.
Musk told investors that Tesla advanced the cost and capacity of the battery in developments that will be released on "battery day" in April.
Barra said GM plans to spend more on electric vehicles than on gasoline-powered cars in the next five years and that the company will profit from them by 2021. But it has not yet disclosed how much it will invest in efforts to compete with Tesla and traditional competitors such as Volkswagen or Ford Motor.
Even when global markets recover from the fears of coronavirus, Tesla's market value exceeds that of GM and most other traditional automakers. On Tuesday, Tesla's market value was around 144 billion dollars, more than three times GM's 45 billion.
GM is by far larger than Tesla in volume and generates more money and profit. But in the market for electric vehicles, Tesla is the leader.
Last year, Tesla sold 367,500 electric vehicles, 223,000 in the United States. GM sold only 16,400 Chevrolet Bolt units in the US and 60,000 Baojun E-Series models in China with the joint venture SAIC Motor.
GM executive president Mary Barra and President Mark Reuss have accelerated the development of electric vehicles over the past three years, focusing on a proprietary battery, a low-cost flexible design and a high-volume production plan, mainly in China.
GM is also developing an advanced battery, in partnership with LG Chem and Honda Motor, which will be smaller than the current batteries used in electric vehicles, can be recharged more quickly and will provide more power.
Musk told investors that Tesla advanced the cost and capacity of the battery in developments that will be released on "battery day" in April.
Barra said GM plans to spend more on electric vehicles than on gasoline-powered cars in the next five years and that the company will profit from them by 2021. But it has not yet disclosed how much it will invest in efforts to compete with Tesla and traditional competitors such as Volkswagen or Ford Motor.
Paul Lienert
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