Tesla Model 3. Photo: Smith Collection/Gado/Getty Images
While Tesla shares went into Ludicrous Mode this week, GM executives were on Wall Street pitching investors on their own vision of an electric, self-driving future. But as Bloomberg notes, the market isn't buying.
Why it matters: GM may be investing billions to transform its business for the future, but to many investors, Tesla's lead in the fledgling electric vehicle market is seen as insurmountable.
Catch up quick: During a four-hour presentation Wednesday, GM laid out an aggressive plan to extend its EV lineup and expand availability of its Super Cruise driver-assistance technology.
- GM President Mark Reuss highlighted the versatility of GM's new electric-vehicle architecture, which can be scaled up or down to make everything from compact cars to big trucks and SUVs.
- In all, GM plans 20 different EVs by 2023. So far, it's described a Hummer EV truck, a Cadillac crossover and a ride-sharing shuttle, the Cruise Origin.
- GM plans to unveil more details about its EV strategy on March 4.
- Reuss also said 22 GM models will have Super Cruise by 2023, including its full-size pickups and SUVs.
But it's not easy chasing Tesla, which sparked the market for EVs a decade ago and later convinced many that cars could drive themselves on Autopilot (even though it's not true).
- Bloomberg sums it up: "While GM and others are racing to put out models that can match Tesla's lineup, Elon Musk's company still has the iPhone of electric cars and no one has come up with the EV equivalent of an Android to defeat them."