GM goes after Tesla and the big EV battle begins

GM goes after Tesla and the big EV battle begins. That also means that the era of gasoline-powered cars is coming to an end.

General Motors is betting big on electric vehicles, expecting to double its annual revenue by 2030 to $280 billion, per The New York Times. The Detroit-based automaker aims to transition to all-electric cars and trucks by 2035, which presents “a tremendous growth opportunity,” according to GM’s chief executive Mary Barra. The move away from gasoline-powered vehicles, as well the addition of new services, including a ride-hailing program that uses autonomous cars, will bring the company to its revenue target, Barra said. As part of its shift in strategy, the auto giant also “pledged to unseat Tesla as the nation’s EV market-share leader,” AP reports.

Meanwhile, Tesla has opened a new playbook: sell its cars in Africa.

Tesla has deployed its first two Supercharger stations in Morocco, marking its first entry in the African market. Supercharger stations are generally the first step toward Tesla entering a new market. Over the years, CEO Elon Musk has often talked about Tesla launching in his native Africa, especially his home country of South Africa, but it has yet to happen. It doesn’t mean that there are no Tesla vehicles in Africa. There are plenty of them, but they have been privately imported by individuals who have to jump through hoops to make it happen.

With that playbook of investing in emerging economies, GM may be chasing a moving target.

Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.