General Motors Co. recently launched a $ 27 billion EV offensive to catch up with Tesla’s leading position in electric vehicles, which GM CEO Doug Parks recently acknowledged in a statement. The Parks made a statement in a call before GM Chairman and CEO Mary Barra announced the company’s goals in the 2025 electric car market.
Parks is GM’s vice president of global product development, purchasing and supply chain. His recognition of Tesla’s leadership reveals much about the legacy of the carmaker’s current mindset and future goals. “We don’t just want to participate, we want to lead,” he told reporters, according to TechCrunch.
“Tesla has a good leap and they have done great things and so they are [Tesla] insure competitors. There are many startups and everyone else invading space, and we will not take the lead there. “
On Thursday, November 19, Barra announced that GM is aiming to offer 30 all-electric cars by 2025. The carmaker has also added $ 7 billion to its investment budget for EV. Prior to the pandemic, General Motors set a $ 20 billion budget for the development of electric vehicles and autonomous vehicles (AV). It is now at $ 27 billion.
“Climate change is real and we want to be part of the solution by putting everyone in an electric vehicle,” said GM’s chairman and CEO. “We are moving to an all-electric portfolio from a position of strength and we are focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience. “
Based on information published during Barclays 2020 Global Automotive Conference, GM aims to increase its share of the battery electric vehicle (BEV) market in the United States. The hereditary OEM estimates that the 10 largest US states, BEV, provide the company with 280,000 units. For context, TSLA bull Pierre Ferrago from New Street Research predicts that Tesla has an international addressable market of 20 million units with its S3XY range. Cybertruck provided an additional address market of 3 million units.
In a press release, GM estimates that 40% of its entries into the United States will be electric batteries by the end of 2025, which could be a smart move for an experienced automaker. Tesla and other start-up electric vehicles, such as Rivian and Lucid Motors, seem poised to fight for 100% EV deployment in the United States by 2030, as evidenced by the creation of the Zero Emission Transportation Association or ZETA.
GM’s presentation at the Barclays 2020 Global Automotive Conference can be seen below.
Final slides Barclays by Maria Merano on Scribd