General Motors Co. (NYSE: GM) may have suffered from some of the peak auto trends of the past two years, but GM wants to make certain that it is a part of the secular shift toward electric vehicles. The company hosted a March 4 event celebrating its move toward EV, and Tesla Inc. (NASDAQ: TSLA) might want to not ignore GM’s efforts.
GM unveiled some of its electric vehicle technology in Detroit on Wednesday with some mighty claims. The company’s goal that has been communicated is eventually to get to an all-electric future. GM’s slate of upcoming electrics is also shown to include GM’s trucks as part of its multibrand and multisegment strategy.
While Tesla’s Model 3 has a projected range of 322 miles or so, GM has said that its battery technology will allow electric cars to travel 400 miles on a single charge, and without compromising on the driving performance. That said, Tesla recently increased the range it thinks its cars can travel. GM is also targeting 0 to 60 mph acceleration of up to three seconds on some models. GM is also targeting a cost per kilowatt-hour of $100 eventually.
According to GM’s landing page, efforts to make electric vehicles affordable, the battery is the most expensive component in an electric vehicle. GM is partnered with LG Chem and has a goal of lowering battery costs significantly.
GM’s “Ultium” battery cell technology has been shown to be stocked horizontally or vertically inside its battery packs. Tesla is partnered with Panasonic on its batteries, and Tesla’s battery packs had stacked their cells horizontally.
As a reminder, GM introduced an all-electric Hummer that is coming for a relaunch. And for Tesla, its own Cybertruck that was announced in late 2019 is said to have a range of roughly 250 miles.
While the March 4 presentation was on a break, GM shares were last seen trading up about 1.9% at $31.10, with a $44 billion market cap, and Tesla shares were down 0.5% at $742.50, with a $136 billion market cap.
It’s still way too soon in the EV race to call Tesla out as the winner a decade from now. It’s also still too soon to predict that GM can deliver on the claims and goals. A lot of things will have to go right for that to occur, but it’s hard to imagine any future of automobiles without GM in the picture.