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General Motors Co. recently launched a $ 27 billion electric vehicle offensive to catch up with electric vehicle market leader Tesla, which GM chief Doug Parks recently acknowledged in a statement. Parks made the statement on a call before GM Chief Executive Officer Mary Barra announced the company’s goals in the electric vehicle market through 2025.
Parks is GM’s vice president of global product development, purchasing and supply chain. Its recognition of Tesla’s lead speaks volumes about the legacy automaker’s current mindset and its goals for the future. “We don’t just want to participate, we want to lead,” he said on a call to reporters, according to TechCrunch.
“Tesla has a good jump, and they’ve done great things and they [Tesla] formidable competitors. There are many startups and anyone that invades the space, and we will not give them leadership.
On Thursday, November 19, Barra announced that GM aims to offer 30 all-electric vehicles by 2025. The automaker also added $ 7 billion to its electric vehicle investment budget. Before the pandemic, General Motors allocated a budget of $ 20 billion for the development of electric and autonomous vehicles (AV). Now it’s $ 27 billion.
“Climate change is real and we want to be part of the solution by everyone in an electric vehicle,” said the CEO of GM. “We are moving to a fully electric portfolio from a position of strength and we are focused on growth. We can accelerate our EV Plans for we quickly build a competitive advantage in batteries, software, integration of vehicles, manufacturing and customer experience. “
Based on the information published during the Barclays World Automotive Conference 2020, GM aims to increase its share of the battery-electric vehicle (BEV) market in the United States. The original manufacturer calculated that the BEV’s top 10 US states offered the company a 280,000 unit opportunity. For the background, TSLA bull Pierre Ferragu from New street search projected that Tesla has an international addressable market of 20 million units with its S3XY line. The Cybertruck provided an additional addressable market of 3 million units.
In a press release, GM estimated that 40% of its entries in the United States will be battery-electric by the end of 2025, which could be a smart move for the seasoned automaker. Tesla and other EV startups like Rivian and Lucid Motors appear poised to fight for 100% electric vehicle adoption in the United States by 2030, as evidenced by the creation of Zero Emission Transportation Association or ZETA.
GM’s presentation at the Barclays 2020 Global Automotive Conference can be viewed below.
Barclays final slides by Maria Merano on Scribd
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