GM's Tesla Assault About To Kick Into High Gear

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Some big announcements are coming to CES next month.

The show must go on, as the old saying goes. At least that's the case with the 2021 Consumer Electronics Show (CES). Held every January in Las Vegas, CES has become the go-to event for automakers big and small to unveil new technologies and concepts. CES is one of the reasons why the Detroit Auto Show moved to summertime. The upcoming show is still happening but will be all-digital and this format will be fully utilized by General Motors CEO Mary Barra.

According to a Bloomberg report, Barra will give the keynote address on January 12 where she will state how electrification is a necessary thing in order to battle not just climate change but also societal changes.

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GM will also show a video featuring its latest technologies and preview new concepts, one of which will be a plug-in hybrid Chevrolet truck. A few days ago, we learned an all-electric GMC Sierra is in the pipeline but a PHEV truck could serve as a stop-gap measure. It's still unknown whether this new truck will bear the Silverado name. New Cadillacs will also be previewed and GM President Mark Reuss will go into further detail about the automaker's EV strategy in general.

This presentation is not only for the general public but also for investors who want to know how GM intends to continue to battle against Tesla, currently the world's most valuable automaker at $640 billion.

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GM is valued at $42.45 billion. So far, GM investors like what they're hearing from Barra and other top executives as shares have increased to levels not seen in a full decade.

Last month, Barra announced GM intends to increase its electrification push and investment. The previous plan from last March was deemed too slow. It now intends to spend $27 billion and launch 30 battery-electric vehicles by 2025, some of which will be attractively priced in the $35,000 range for mainstream customers.

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Source Credits: Bloomberg

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