On Wednesday, General Motors plans to pivot an all-electric vehicles, showcase all their ideas on how they plan to kill Tesla, and hope to gain investor’s trust.
Wednesday is General Motors EV Day. The over 110 year old car maker, in an unusual move, wants to show the world dozens of what they have been working on and how they plan to take on the big boy, Tesla. the Detroit automaker will give a comprehensive presentation of its next-generation EV platform, charging infrastructure and business strategy, company executives have said.
Two years ago, GM announced plans to go fully-electric, but has since done almost nothing on that promise. GM’s Chevrolet Bolt EV sales has declined for two consecutive years, and seems to be dying a slow death.
GM Hummer EV is another product the Detroit car maker announced few weeks ago, that they hope will take on the likes of Tesla’ Cybertruck. How successful that could be is yet to be known.
“I really like our position heading in the area of electrification, and I like it for a lot of different reasons. I think you’ll be very excited about some of the things we’d go into a little more detail than I’ve talked about today … Again, we’ll go into more of that here next month, but this is a very, very well-thought-out strategy.” – GM President Mark Reuss told investors about the EV Day.
More than 150 members of the media and investors are expected to be briefed about the company’s EV plans during separate events Wednesday. Politicians, dealers and GM employees also are expected to attend different programs during the week.
Credit Suisse’s Dan Levy in an investor note Monday, said that “the push to an EV world will be tough for all legacy (automakers) … including GM.” He cited reducing battery pack costs, downsizing engine and transmission plants, and balancing budgets. He continues: all the factors above challenging legacy automakers in the push to an electric world certainly apply to GM, And even though we expect GM to lay out a solid strategy at its EV day, we believe the ultimate proof-point of success in GM’s EV strategy is if the volumes materialize and GM is able to challenge Tesla for share in the US EV market, as Tesla has been until now the only game in town in the US EV market.”