Tesla has around 63 percent market share of the EV market while GM has just 9 percent currently but in 4 years this can change quite dramatically
GM has been very bullish about its transition to becoming an electric car brand. It has announced a huge investment for the same and starting this year, it will start rolling out the first EVs based on its “Ultium” battery and powertrain technology. Now, its CEO, Mary Barra has said that her company will be catching up with Tesla in EV sales in the next 4 years.
“When we look at the portfolio we have, not only the Hummer and the Lyriq, but Mark Reuss talked about that we’re going to have an Equinox-like sized product that’s going to be at around $30,000, we have the Silverado E coming , a GMC product after that, and again, all the other products that we haven’t announced yet,” she said.
“I am very comfortable because when people get into these vehicles, they are just wowed. So we will be rolling them out and we’re going to just keep working until we have No. 1 market share in EVs,” Barra added.
GM has the Hummer EV launching later in the year and many people have been impressed by the brute force power of the reinvigorated SUV brand. GM’s premium brand Cadillac is also coming out with the Lyriq and there are a number of other lower-cost EVs in the pipeline which will be around $30,000 price point.
There is the Chevrolet Silverado, the Blazer, and Buick crossovers that GM is working on. There is also the Cadillac Celestiq premium luxury sedan that is in the works. Tesla has around 63 percent market share of the EV market while GM has just 9 percent currently but in 4 years this can change quite dramatically as every major automaker is developing EVs and Tesla’s market share is continuously reducing despite increasing its sales and revenue.
Tesla is also working on a mass-market $25,000 hatchback which could balance things out but considering Tesla doesn’t make many products while players like Ford, GM, and Volkswagen have multiple brands and multiple models it is almost a certainty that Tesla will lose the top spot in EVs.