Why GM Is Tesla’s Greatest Threat to Overtake the EV Throne
Tesla has long dominated the electric vehicle market, but GM is in its rear-view mirror
In recent years, much of the electric vehicle discussion has revolved around Tesla — a luxury EV company that is moving towards a more affordable future thanks to innovations in energy density and manufacturing.
As electric vehicles gain more momentum in the consumer markets, however, this is no longer Tesla racing against itself. The future of driving is electric — and autonomous — and the rest of the auto manufacturers are now investing in that future.
To this point, there is one legacy auto company that stands above the rest in electric driving: General Motors.
GM recently announced plans to up its spending on production and development of electric and autonomous driving through 2025 to $27 billion, up from the $20 billion plan announced in March.
Part of this plan includes releasing 30 models of electric vehicles by 2025, with more than 20 solely dedicated to North America. The company is planning for 1 million global EV sales by 2025 (Tesla, for comparison, has sold over 300,000 cars this year — representing an 18% market share; it sold 370,000 units in 2019 for a 16% market share).
