The automaker that is responsible for the majority of the new electric vehicle market share in the coming years will experience huge financial benefits. Tesla has become a household name thanks to its innovative electric vehicles and EV features. The company’s stock has grown by over 1,605% in the last five years. General Motors hopes to experience some future gains of its own and is betting billions on electric vehicles. Here’s what you need to know about the EV war between General Motors and Tesla.
General Motors is committed to the electric future
General Motors is going all-in on electric vehicles. The company may have had issues with the Bolt, but it’s rolling out an entire new EV lineup in the years to come. Chevy is working on the Chevy Silverado EV electric pickup truck. It is also developing Chevy Blazer and Chevy Equinox electric SUVs.
The Bolt and Bolt EUV’s failure won’t stop GM from trying to produce the most popular electric vehicles on the market. According to CNBC, GM plans to invest 6.6 billion dollars into electric vehicle plants. The American automaker hopes to steal Tesla’s thunder by 2025.
This goal may seem overly ambitious, but GM is rolling out multiple EVs before 2025 while Tesla is consistently announcing Cybertruck delays. Tesla also has an issue with consistent price hikes. The popular Tesla Model Y electric SUV has gone through multiple price fluctuations in the last few years.
What’s stopping General Motors from zapping Tesla and securing the top spot?
It appears that GM has a bright future in EV production, but Tesla has been the king of the hill for quite some time. The brand is recognized internationally as a quality EV automaker. Tesla held market dominance in Europe for new electric vehicle production and is currently struggling against Volkswagen.
GM has a long way to go before it can challenge Tesla. Volkswagen and the Volkswagen ID.4 are formidable opponents. Ford is one of its main rivals as well with the Ford Mustang Mach-E and upcoming Ford F-150 Lightning.
General Motors has a chance to overtake Tesla, like many automakers. That being said, Tesla has been producing EVs for a longer time and has experienced great success with the Tesla Model 3 and Tesla Model Y. It also offers innovative features that are exclusive to the brand. Can GM really compete with Bioweapon Defense Mode, or more importantly, Dog Mode?
General Motors vs. Tesla will be a slugfest for the ages
General Motors has been around for over a century. In contrast, Tesla barely has two decades under its belt yet. GM is one of the big three automakers in America. The company has the support of the Biden administration because the U.S. President believes EVs sold in America should be made in America by unionized workers.
Tesla has much more experience launching successful electric vehicles, but pricing and availability aren’t its strong points. If GM can consistently produce reliable, affordable electric vehicles in large supply, it may topple the giant. Whether Tesla remains on top or is overtaken by GM, more competition is a good thing for consumers.