General Motors CEO Mary Barra is setting her sights high. In a recent interview with CNBC, she boldly proclaimed that GM can "absolutely" surpass Tesla in U.S. electric vehicle sales by 2025. The key to this ambitious goal, according to Barra, lies in GM's rapidly expanding EV lineup, including the highly anticipated GMC Hummer pickup, the luxurious Cadillac Lyriq, and an upcoming Chevrolet crossover.
Barra's confidence appears to stem from positive public reception to these upcoming EV models. "When people get into these vehicles, they are just wowed," she asserted during the CNBC interview.
GM's audacious plan drew a swift response from Tesla CEO Elon Musk. Taking to 𝕏, Musk posted a simple yet telling reply: "LMAO".
His dismissive tweet speaks volumes, likely reflecting skepticism about GM's ability to quickly dethrone the reigning EV champion.Lmao
— Elon Musk (@elonmusk) March 22, 2024
The exchange between Barra and Musk highlights the intensifying competition in the electric vehicle market. Tesla has enjoyed years of dominance, but traditional automakers like GM are investing heavily in EVs and rapidly electrifying their fleets. Recent data from IHS Markit suggests that Tesla's domestic market share is already slipping, dropping from 79% in 2022 to a projected 56% in 2023. The same study predicts Tesla's share could plummet to just 20% by 2025.
Industry analysts like LMC Automotive seem to side with Barra, projecting that GM could indeed overtake Tesla as the largest U.S. EV seller by mid-decade. Of course, market dynamics are unpredictable, and Tesla isn't known to shy away from a challenge.
GM's stated goal is a gutsy one, and only time will tell if the legacy automaker can close the gap and overtake Tesla. One thing seems certain, the battle for EV supremacy is heating up, and consumers stand to benefit from the heightened competition and influx of exciting EV models in the coming years. Buckle up, because this ride is about to get interesting!
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