GM is promoting a plan to spend $27 billion on all-electric and autonomous vehicles through 2025. This is an increase from $20 billion from initial plans announced in March. GMs goal is be only four years behind Tesla in 2025. GM will do this by spend less than Tesla will spend over the next five years.
GM’s plans to release 30 new EVs globally by 2025. 20 of the vehicles will be in North America. They are targeting 1 million in global EV sales by 2025.
GM and Ford and all other EV makers are underdogs compared to Tesla in electric cars.
GM sells 10% of the volume of electric cars in the USA compared to Tesla.
What is the current electric car from GM? …
The main model is the Chevy Bolt.
GMs plan for thirty EV models is for each model to have double the current Chevy Bolt sales volume.
GM currently has 10% of the Tesla unit volume and 5% of the electric car revenue.
GM has a joint venture with SAIC that is building and selling cars in China. SAIC-GM-Wuling Automobile is global number 11 with 3% market share. Tesla is currently ranked the number 1 globally with 18% global market share.
Tesla should exceed 1 million global EV sales in 2021.
Tesla spent $1 billion in the third quarter on capital expenditures and $1.5 billion per year on research and development. Tesla’s plan is to increase capital expenditures from $2.5 to $3.5 billion in 2020 to $4.5 to $6 billion in each of the next two years. Tesla is growing sales by over 50% per year. Capital expenditures (aka building factories) will increase. If we assume the mid-point the Tesla will have $5.25 billion in average capital expenditures in 2021 and 2022. If Tesla capital expenditures remained flat, then Tesla would spend $26.25 billion on from 2021-2025. There would be another $9 billion on research.
GM is making their own battery cells which are called Ultium. The GMC Hummer EV pickup is expected in the fall of 2021 and it will use the Ultium batteries. GM battery cells in 2020 are $145 per kWh. GM expects to bring the cost of a battery cell down to $100 per kWh in 2023.
SOURCES- CNBC, Tesla
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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