China Fund News reporter Wen Jing
A few days ago, General Motors announced that it had increased its bet on electric vehicles to 27 billion U.S. dollars, and plans to launch 30 electric vehicles by 2025.
Just last week, Volkswagen of Germany also announced a US$86 billion electric vehicle investment plan. So far, the competition between General Motors and traditional automakers such as Tesla and Volkswagen has become increasingly fierce.
plans to invest 170 billion yuan to produce electric vehicles
launch 30 new models in the next 5 years
Recently, General Motors of the United States announced its latest electric vehicle development plan, with the goal of surpassing Tesla in the field of electric vehicles.
According to GM’s latest plan, GM will invest US$27 billion in all-electric and autonomous vehicles by 2025, which is the same as in March this year. Compared with the announced plan, an increase of 7 billion US dollars, a range of 35%. Although electric and driverless vehicles currently account for about 2% of GM’s global sales, GM’s latest expenditure target in the field of electric vehicles will account for more than half of its asset expenditure plan by the end of 2025.
These investments will help them realize their plan to release 30 new electric vehicles worldwide and reach 1 million electric vehicle sales by 2025. Two-thirds of them will be listed in North America. The US launch of the electric SUV Cadillac Lyriq will increase from the end of 2022 to the beginning of 2022.
General Motors President Mark Royce said, “We have further demonstrated our commitment to accelerating the electric vehicle business. Our contribution to the electric vehicle field Not a month or two, but a year and a half to two years.”
At present, General Motors’ brands Cadillac, GMC, Chevrolet, and Buick have all There are plans to launch new electric vehicles in various price ranges. Among them are at least 3 unreleased GMC vehicles, 4 Chevrolets, 4 Cadillacs and 2 Buicks.
In addition, General Motors is also actively participating in the research and development of battery technology. They and LG Chem are jointly promoting the “Ultium” battery technology, which is expected to increase battery costs. Decrease by 60% and double the energy density in the next ten years. At the same time, they are also exploring the possibility of licensing the technology to other automakers, such as Honda and Nikola.
The supplier also revealed that GM’s plan to fully electrify the Cadillac brand by 2030 has accelerated and may be advanced to 2025. Other sources said that the electrification of other brands and market segments will also accelerate, such as commercial trucks.
The competition is getting fiercer
GM strives to be the No. 1 electric vehicle market in North America
For GM, betting heavily on electric vehicles is a necessary move to find growth points for the next decade. The company’s CEO Mary Barra said that electric vehicles can help GM’s sales in coastal areas of the United States increase by up to 280,000 units per year, where the GM brand is relatively weak. Barra said frankly his goal: “We want to be the number one in the North American electric car market.”
At present, the global electric car market is becoming increasingly competitive. For General Motors, This will be no small challenge.
Statistics show that Tesla accounted for nearly 60% of the total sales of electric vehicles in the United States last year. However, according to the delivery data of the electric vehicle market in Western Europe from January to September 2020, Tesla’s market share has fallen from 33.8% in 2019 to 13.5%. Brand status has fallen from the boss to third, followed by the Volkswagen Group and Renault-Nissan-Mitsubishi Alliance. Despite the decline in delivery data, Tesla is still the leader in the global electric vehicle market.
In addition, in June this year, it is reported that Daimler Group has invested more than 1 billion euros to develop the new energy industry, and plans to produce more than 500,000 vehicles per year in the near future new energy vehicles. As of the third quarter of 2020, Mercedes-Benz has sold 45,000 electric vehicles and plug-in hybrid vehicles worldwide. In September alone, it sold about 2500 EQC electric vehicles.
On November 5, the Volkswagen Group also announced that it plans to invest 73 billion euros in the next five years for future technologies such as electric vehicles, hybrid vehicles, and digitalization. . Volkswagen has said that by 2025, electric vehicles will account for 20% of its total sales. It also promised to have 75 electric vehicles by 2029.
The third quarter net profit surged 74% year-on-year
The current market value is only Tesla 1/8
In mid-November, General Motors announced its net profit for the third quarter. As can be seen from the report, its net profit for the third quarter was US$4 billion, an increase of 74% compared to the same period last year. It is rare to maintain such high net profit growth under the epidemic.
In the Chinese market, GM’s sales in the third quarter increased by 12% year-on-year, while Buick and Cadillac increased by 26% and 28% year-on-year, respectively.
November 18th, which has just passed, is the tenth anniversary of General Motors’ listing. When it went public in 2010, GM was once one of the largest IPOs in American history.
However, the overall performance of GM in the capital market in the past ten years has not been ideal. The current price of around US$42 is an increase compared to the issue price of US$33. Less than 30%. In contrast, the S&P 500 index rose by more than 175%, and Tesla, which was listed in the same year as General Motors, rose by more than 4000%.
After GM CEO Barra announced her electric vehicle strategy, GM stock turned from a decline to an intraday gain on Thursday, closing up 0.23% To $42.82. But Tesla’s stock price rose 3% that day, and its market value reached $475 billion, almost eight times that of General Motors.
Some comprehensive CCTV news, Gasgoo Motors, etc.
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