General Motors CEO Mary Barra recently stated that The General could catch up to Tesla in terms of U.S. electric vehicles sales by the 2025 calendar year.
During a recent interview with CNBC, Mary Barra addressed General Motors’ latest EV efforts, indicating that customers will respond positively to the upcoming deluge of new battery-powered vehicles. During the interview, Barra said that customers are “wowed” when they step into the latest GM EVs, adding that the automaker will continue to roll out new models and work towards securing the number-one market share in EVs.
As Mary Barra has stated before, General Motors has plans to launch 30 new EV models globally by the 2025 calendar year. What’s more, the automaker stated in its second-quarter 2021 financial results report that it had committed to achieving the number-one electric vehicle market share in North America, a position currently held by EV rival Tesla.
At the moment, the Tesla Model Y crossover and Tesla Model 3 sedan lead the EV market. According to IHS Markit, Tesla held 79 percent of the EV market in 2020. However, that commanding position is beginning to deteriorate, with the latest predictions indicating that Tesla’s share could drop to 56 percent this year as major automakers, including General Motors, ramp up rival product offerings.
According to LMC Automotive, General Motors is expected to outpace Tesla as the biggest EV seller in the U.S. by mid-decade. GM’s EV revenue is also expected to grow from $10 billion in 2023 to roughly $90 billion annually by 2030 as it launches its latest all-electric models.
Some of GM’s new electric vehicle models include the Cadillac Lyriq crossover, the luxury brand’s very first production EV, as well as the GMC Hummer Pickup and SUV, a reimagining of the legendary off-roader nameplate. General Motors has previously stated that it plans to invest $35 billion into new electric and autonomous vehicle technology between now and 2025.