GM boss Mary Barra says it can beat Tesla in EV sales by 2025
That's a big statement, but it's not impossible and we'll tell you why.
Tesla sells a lot of electric vehicles, which is something that we all pretty much know and acknowledge. However, despite its monster valuation on the stonks market, it's still not that big of a company as far as car companies go; it doesn't even make a million cars a year. General Motors, however, is massive, with 6.8 million cars sold in 2020. That size means it's a little slow to react to things, but once it gets going, it's hard to beat -- or at least that's what GM CEO Mary Barra is banking on when she said that GM can "absolutely" catch Tesla's EV sales by 2025.
If that sounds like a tall order, it is, but perhaps Barra's statements on CNBC on Wednesday will serve to light a fire under the butts of General Motors executives and engineers to make sure that its forthcoming onslaught of Ultium-powered electric vehicles, led at first by the new Hummer and Cadillac Lyriq EVs, will be up to snuff.
"I am very comfortable, because when people get into these vehicles, they are just wowed," Barra said. "So we will be rolling them out, and we're going to just keep working until we have No. 1 market share in EVs."
When it comes to the number of electric vehicles that GM can theoretically produce and the quality and repeatability with which it can produce them, it's in good shape to meet that claim. The trick will be in making vehicles that can compete technologically and aesthetically with Tesla, such that they're desirable to consumers. They'll have to compete or more likely beat Tesla on range and price too.
It's not going to be easy, but it's definitely not impossible, especially when you consider that GM plans to offer 30 electric models across its brands by 2025.
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