GM Refuses to Be a Pawn in Tesla’s Electric Car Game
Tesla Motors (NASDAQ:TSLA) might currently run the electric car game with its Model S sedan, but many automakers are chomping at the bit to oust CEO Elon Musk from his throne, and one challenger is domestic competitor General Motors (NYSE:GM).
According to The Wall Street Journal, the U.S. automaker’s vice president of global product programs, Doug Parks, said Monday that GM is working on the development of a 200-mile range electric car expected to be priced around $30,000. The news reflects significant ambition on the part of GM, because while the automaker has seen success with its battery-powered Chevrolet Volt, it has yet to erect plans to roll out an electric car that could sufficiently compete with Tesla’s Model S — but it looks like that now could soon change.
It is still unclear when such a car would become available, but Parks told the Journal that the batteries necessary for the offering are still too pricey for GM to make significant electric car inroads just yet. Like Volkswagen and Nissan (NSANY.PK), GM has the technology available to produce viable Model S competitors, but batteries are still too expensive.