With a commitment to launch 30 new global electric vehicles (EVs) over the next four years, CEO Mary Barra is extremely confident General Motors will overtake Tesla in U.S. EV sales by 2025.
Barra made the comments this morning in an interview on CNBC’s Squawk Box. Despite a reputation for sub-par quality, she said GM will “absolutely” be able to accomplish that goal by wowing customers who sit in one of their EVs for the first time.
“I am very comfortable, because when people get into these vehicles, they are just wowed. So we will be rolling them out and we’re going to just keep working until we have No. 1 market share in EVs,” Barra said on CNBC.
Tesla currently holds the lead with 63% of U.S. EV market share. General Motors accounts for just 9%.
If they want to become the leader in EV sales in the U.S., GM will have to do it in the face of mounting losses. A few hours before Barra made the comments on television, the automaker reported in their Q3 2021 earnings a staggering drop of 40% in net income, and a 25% drop in revenue, in stark contrasts to Tesla’s Q3 earnings records.
Tesla (TSLA) sets several records in Q3 2021 earnings report
The company is also facing a recall of every single Bolt EV and Bolt EV manufactured over issues with their battery pack that could result in a fire. Fortunately for GM, their battery supplier LG Energy Solutions will be covering the majority of the nearly $2 billion cost associated with the recall.
You can watch the full interview below.
