Challenge Tesla, GM raises its "bet" on electric cars

In order to compete with Tesla for dominance in the field of electric vehicles, General Motors will increase its bet on electric vehicles by 35% to $27 billion.

According to a media report on November 19, although GM is the largest automaker in the United States in terms of total car sales, Tesla is undoubtedly the leader in the field of electric vehicles. With the popularity of electric vehicles, traditional automakers are facing a crisis of transformation.

GM said on the 19th that by the end of 2025, it will invest 27 billion US dollars to develop electric and autonomous vehicles. This figure is higher than GM's estimate of $20 billion in March.

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.

After GM CEO Barra announced her electric vehicle strategy, GM stock changed from falling to rising on the 19th, closing up 0.23% to $42.82. Tesla shares rose 2.6% that day, and its market value reached $475 billion, almost eight times that of General Motors.