Sunday, May 26, 2024
NewsGM’s Plan for EV Supremacy is Based on Affordable Prices

GM’s Plan for EV Supremacy is Based on Affordable Prices

General Motors wants to overtake Tesla as the number one producer of EVs around the world.

  • General Motors wants to overtake Tesla in terms of electric vehicle sales

  • The company’s CEO says this will happen by the middle of the decade

  • To achieve this, GM wants to sell affordable EVs

General Motors’ CEO, Marry Barra, said her company is aiming to become the largest producer of electric vehicles by the middle of the decade.

Indeed, the automotive giant is aiming to claim the first place in American EV sales just like it did for gasoline powered vehicles for many years.

Of course, the current leader of electric vehicle sales around the world is Tesla, which accounted for 14% of the market in 2021, while General Motors was in fourth place, with 7.6% market share.

This is an ambitious plan, but there are reasons to believe the company could achieve its goal since its strategy is different from the one used by most manufacturers.

While many automakers are developing highly technological new EVs which are priced much higher than similar sized gasoline powered vehicles, General Motors is aiming to sell affordable EVs.

This means that more people will be in a position to switch to electric vehicles when looking for a new car since price remains one of the most important factors limiting the adoption of electric vehicles.

This is not to say GM will not be making expensive EVs, the GMC Hummer EV and the Cadillac Lyriq are proof of the contrary, but the automaker has already announced electric replacements for the Equinox and Blazer SUVs which should arrive in 2024 with a starting price of around $30,000 USD.

In addition, another model is planned to sit at the bottom of the company’s electric lineup, with a starting price under the $30,000 mark.

Of course, Tesla won’t let itself be beat so easily. The company is reportedly working on a “$25,000” EV that has already been announced and delayed. If this model arrives before General Motors has time to introduce its own affordable EVs, Tesla’s place in the market will be much harder to take.


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