GM can ‘absolutely’ catch Tesla in EV sales by 2025, says CEO Mary Barra
DETROIT — General Motors can “absolutely” catch Tesla in U.S. sales of electric vehicles by 2025, CEO and Chair Mary Barra told CNBC on Wednesday.
Barra said an influx of new products, including the soon-to-be-released GMC Hummer pickup and Cadillac Lyriq as well as an upcoming Chevrolet crossover, will help the company beat Tesla. The vehicles are part of GM’s plan to release at least 30 EVs by 2025.
“I am very comfortable, because when people get into these vehicles, they are just wowed,” Barra said during CNBC’s “Squawk Box.” “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’s comments come weeks after the automaker said it planned to be the leader in EV sales in the U.S., but the company did not release a time frame for that goal.
After years of Tesla dominating sales of EVs in the U.S., its market share is waning. IHS Markit expects Tesla’s domestic market share of electric vehicles to drop from 79% last year to 56% in 2021. IHS predicts that share will continue to lower, to 20% in 2025, as larger automakers such as GM release an influx of new vehicles.
LMC Automotive expects General Motors to surpass Tesla as the country’s largest EV seller by mid-decade.
GM previously projected its EV revenue to grow from about $10 billion in 2023 to approximately $90 billion annually by 2030 as the company launches new models.
Tesla did not immediately respond to a request for comment.