GM dares Tesla with promise of money-making Electric Cars

GM dares Tesla with promise of money-making Electric Cars

General Motors Co. aims to roll out a new family of electric cars in 2021 that will require less cost to make and build a profit for the No. 1 automaker of the U.S., Mary Barra, the Chief Executive of the company, claimed to the investors this week. Her tactics represent a shortest challenge to Tesla Inc., the money-losing electric cars specialist, which is grappling to get its more high-volume and affordable Model 3 rolled out and lately reported its biggest-ever loss of the quarter.

“We are pledged to a portfolio of future electric vehicle that will be gainful,” Barra claimed to the media in New York at the Barclays Global Automotive Conference. Autonomous and electric cars (also dubbed in the industry as AVs and EVs) are broadly seen as the foundations of future transport, but Ford Motor Co., Tesla, and other producers are still operating out how to make profit from them.

GM is seeking to break out of that prototype by design an all-new electric cars platform that will have room for multiple segments and sizes, to be traded by various GM brands in China and the United States, Barra claimed. She further added new details to aggressive electrification tactic of GM. In early October, GM claimed that it aimed to roll out 20 new electric cars by 2023, but did not offer specifications.

In comparison, competitor Ford has claimed that it aims to roll out 13 electric cars (mostly gasoline-electric hybrid models) by the end of 2022. Shares of GM were down at $42.84 by 0.4% last week. Ford and Tesla shares were also slightly low in a generally recued market.

Barra claimed that GM plans to be trading 1 Million electric cars per year by the end of 2026. It will do this mostly in China, which has set severe production allocations on such cars. This week, China chief of GM claimed that the automaker and its associates of joint-venture will be allowed to meet the 2019 electric car requirements of the country without buying credits from other firms. The China chief gave the information to the media in an interview last week.

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