General Motors Plans to Surpass Tesla Thanks to Cheaper EVs

2024 Chevrolet Silverado EV image

General Motors CEO Mary Barra has revealed an ambitious plan to sell more electric vehicles than “anyone else, including Tesla” by mid-decade, and those vehicles will be “affordable at $30,000.”

In her recent interview with Yahoo Finance, Mrs. Barra said that General Motors was making all the steps to take over Tesla’s lead in the electric vehicle market.

Tesla is still the main EV maker globally: its market share was nearly 14 percent in 2021, while GM took 4th place with a share of 7.6 percent.

The cheapest Tesla costs $46,990. Electric cars produced by General Motors will cost around $30,000, according to the company’s CEO.

Thus, the Detroit manufacturer slates to grow through new cheaper products and partnerships. In particular, it is going to partner with Honda to launch a series of affordable electric cars in 2027.

By the way, the company already has something to offer, for example, the Chevrolet Bolt which starts at $31,500.

The all-electric Chevy Equinox is coming, as well as the Silverado EV truck whose estimated retail price is $39,900 – a rather competitive one compared to its rival Ford F-150 Lightning. The Silverado is in high demand judging by the number of reservations placed.

In addition to mainstream budget models, GM also has something to offer in the premium segment, like the Cadillac Lyriq (about $60K), or the GMC Hummer EV (around $100,000). Both are costly vehicles, nevertheless, they were quickly sold out as soon as pre-orders opened.

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