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Understand How Manufacturer General Motors Plans to Overtake Tesla and Take the Crown of Largest Electric Car Manufacturer in the World
General Motors plans to dethrone Tesla and become the global leader in the production and sale of electric cars, as well as doubling its annual revenue by 2030 with a range of new electric vehicles, gas-powered cars and trucks, and services such as an electronic driving system that can handle most road challenges, as the world evolves from combustion engines to small battery cells.
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GM Aims to Become Automotive Market Leader and Overtake Tesla
To achieve leadership in the electric car market in the United States, GM plans to spend $35 billion to launch more than 30 new battery-powered vehicles worldwide by 2025.
The company has set a goal of selling only electric vehicles by 2035. GM aims to surpass Tesla, which recorded record sales of around 241,300 electric cars in the third quarter, an increase of 72% compared to the previous year.
General Motors did not specify when it would assume the leadership, but Barra (the brand’s CEO) stated that GM would soon have a strong portfolio of affordable electric vehicles, as well as a reliable charging infrastructure.
“That’s why we believe we will attract more and more customers,” said Barra. “There are many things we have to launch that when we step on the accelerator, we can really move profitably and overtake one of our main competitors,” she said. The global leader in the electric car market, Tesla, had to spend billions to build new and large assembly plants from scratch near Austin, Texas, in Germany and China.
Tesla’s Competitive Advantage
The initial competitive advantage of Tesla in electric vehicles is exacerbated by the enormous difference in value between the two companies. At $600 billion, Tesla’s market capitalization is now 10 times greater than GM’s, giving it an advantage in raising capital.
Additionally, as a pure electric car company, Tesla is free from conflicts that could hinder GM. All its capital expenditures go to electric vehicles and it may have an advantage in attracting new engineering talent. Analysts say it is unlikely that General Motors will achieve its ambition to beat Tesla this decade. The company has “a long way to go” if it wants to surpass Tesla in the U.S. electric vehicle market.
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