GM Will Make Cheaper EVs Than Tesla

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GM CEO Mary Barra has outlined a plan to see the legendary Detroit automaker overtake Tesla in terms of market share and market capitalization. His plan is to get GM to make cheaper electric cars than its California rival. GM wants to strip Tesla of the title of world’s largest electric vehicle manufacturer for being an early pioneer in the electric car trend.

“We are taking every step to do so. We’ve said that by mid-decade we’ll be selling more electric vehicles in this country than anyone else, including Tesla,” Barra said in an interview with Yahoo Finance.

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“Remember that we don’t necessarily only sell premium products. We have affordable electric vehicles for $30,000,” she added.

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Mary Barra, President and CEO of General Motors Co.

She was referring to the Equinox EV that Chevrolet recently announced, which costs under $30,000. The cheapest Tesla is the Model 3, which starts at $40,000. Right now, the Chevrolet Bolt starts at $31,500, which is cheaper than what Tesla sells its cars for. There will be a new Silverado EV starting at $39,900, and there will also be cars like the Cadillac Lyriq and GMC Hummer EV with prices starting at $58,795 and $79,995.

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Meanwhile, Tesla has backtracked on plans Musk had announced for launching a $25,000 electric vehicle in 2020. Tesla doesn’t currently have the bandwidth for such an electric vehicle.

Remarks

Tesla has a 14% share of the electric vehicle market, while GM is the second largest player in the United States with a 7.6% market share.

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