For the past five years, GM, Ford Motor, Volkswagen and others have been trying to develop compelling and inexpensive electric vehicles, while Tesla went ahead, seeing both jealousy and admiration. Tesla is on track to sell around 500,000 EVs this year, more than any rival, and is building factories in Germany and Texas that could drive further growth.
Along the way, Tesla has created a spirited cultivation for both its fans and investors, who have rewarded the company by purchasing their stock. On Thursday, Tesla was valued at $ 472 billion, dwarfing its older, larger and more profitable rivals. In the third quarter, GM made $ 4 billion in profits and Tesla made only $ 331 million, yet GM’s market value is just $ 62 billion.
It has long been a source of frustration for traditional automakers and has prompted increasing efforts to catch up. Ford has stated that it is spending $ 11.5 billion on electric vehicles over a five-year period ending in 2022. Volkswagen recently stated that it would spend 73 billion euros on electrification over the next five years.
In the next few months, Ford plans to start selling its EV push, an important model in the battery.SUV powered by Mustang. VW will introduce an electric SUV called ID4 early next year.
BMW, Toyota, Nissan, Fiat Chrysler and others are also making substantial investments in EVs.
Ms. Barra said that the company expected its Ultrium modular battery pack to provide a range of up to 450 miles before recharging. Earlier this year GM said the maximum range would be around 400 miles.
GM hopes to produce battery packs for other automakers and has formed a partnership to supply Honda motors. “Scale can give us an incredible competitive advantage,” Doug Parks, a GM executive vice president.
GM is building a factory near Lordstown, Ohio to manufacture ultium packs. Last week, the company Said this is rent Some 3,000 electrical and software engineers to support its EV effort.