shine trader live reports:
GM is about to launch many models that can compete with Tesla, such as the upcoming GMC Hummer pickup and Cadillac lyriq, as well as the upcoming Chevrolet crossover. These models are part of GM’s plan to release at least 30 electric vehicles by 2025.
In order to occupy a leading position in the American electric vehicle market, GM will release a new electric SUV with a price of about $30000, which is not only far lower than Tesla’s cheapest SUV model y (from $54990), but also lower than the starting price of Tesla’s entry-level model 3 (from $41990).
Barra is very confident in GM’s new car because people will be amazed when they enter the car. “So we will launch them and we will continue to work hard until we have the first market share in the field of electric vehicles.”
Earlier, GM said it planned to increase its operating profit margin from 7.9% last year to 12% – 14% in 2030, and its revenue is expected to reach $280 billion in 2030, twice the average level of the past five years (about $140 billion).
Although the vision is ambitious, GM is clearly facing difficulties in the near future. The results released on the same day showed that in the third quarter, GM’s earnings per share fell 46% to $1.52, and its operating revenue fell nearly 25% to $26.779 billion. The company’s new car sales in the U.S. market fell 32.5% due to the shutdown of factories due to the shortage of chips. However, benefiting from the continued high demand for pickup trucks, car prices rose significantly. According to Edmunds, the average transaction price of GM brand rose 16% to $50550.
Affected by the depressed financial results, GM’s share price fell about 4% on Wednesday.
Tesla, the leader of electric vehicles that GM wants to catch up with, has been in the limelight recently. On Monday, Hertz, one of the world’s largest car rental companies, reached a cooperation with Tesla. Hertz will order up to 100000 electric vehicles from Tesla, with a total price of about $4.2 billion. This is also a great opportunity for Tesla to promote its brand to consumers. Customers have the opportunity to “test drive” model 3. After the news of this cooperation came out, Tesla’s share price rose to a new record of $1024.86, an increase of nearly 13%, and its market value soared to $1.03 trillion, entering the trillion market value club in one fell swoop.
Reprint indicated source：Spark Global Limited information