GM wants to overtake Tesla by 2023.
GM is taking the electric revolution seriously and has already invested millions into electrifying its fleet of cars. The company has promised to go all-electric by 2035 and aims to release 30 new EV models by 2025. These are fighting words, and the main target is and always will be Tesla. The California-based (soon to be Texas) EV manufacturing giant currently leads in world EV sales figures, but GM CEO Mary Barra believes that it has what it takes to beat Tesla in sales by 2025. GM is clearly preparing for a massive EV onslaught when you look at its massive expansion plans for its charging network. We wouldn't be surprised if this premonition came true.
According to Barra, GM's plans to introduce numerous new EV vehicles, including highly anticipated cars such as the GMC Hummer EV and Cadillac Lyric that will boost sales tremendously, and take the US manufacturing behemoth one step closer to closing the gap between itself and Tesla.
"I am very comfortable, because when people get into these vehicles, they are just wowed," Barra said during a CNBC interview. "So we will be rolling them out and we're going to just keep working until we have No. 1 market share in EVs." But everyone else wants to beat Tesla too, so this won't be an easy task to accomplish.
German brands such as Volkswagen, Mercedes-Benz, and Volvo are slowly chipping away at Tesla's local market share, which has fallen from a dominant 79% last year, to only 51% in 2021. The IIHS expects that number to drop to 20% by 2025, by which stage most manufacturers will be well on their way to full electrification. GM expects its EV revenue to grow from around $10 billion in 2023 to an astonishing $90 billion by 2030. If Tesla can do less talking and do more walking, it could still secure its market share lead for quite some time. Ever heard of the Tesla Cybertruck or Roadster?