The design dome at General Motors, revered within the firm for its role in developing some of GM’s most famous vehicles, was visited by Chief Executive Officer Mary Barra and her senior officials in September 2017.
The automaker’s Chevy Corvette and a variety of crossovers and SUVs were among the approximately 10 full-size clay models of EVs (electric vehicles) on display in the showroom. Wall Street focused a lot of its attention at the time on Tesla’s stock price of about $400 per share since its well-known CEO, Elon Musk, had pledged to spearhead the global shift to cleaner energy.
A preview of how they may surpass Tesla and venerable rivals like Ford Motor, who were also targeting the trendy electric vehicle industry, was provided to officials at GM’s expansive innovation campus in suburban Detroit. The clay models served as demonstrations of the variety of electric vehicles that General Motors could create using a new platform that it was creating.
Several people who were present at the previously undisclosed meetings claim that executives met several times over the ensuing days to talk about the platform’s potential and to formulate a plan for electric vehicles. The people, who asked to remain anonymous since the discussions were private, claimed that was the week that GM’s course was decided.
The following week, GM made a public statement stating its belief in an “all-electric future,” which was a turning point that would launch the venerable automaker on its most aggressive transition since its establishment in 1908.
The biggest weekly increase during Barra’s tenure as CEO occurred that week when GM’s stock jumped upwards of 11% to around $45 per share. Even though the gains would only last a few months, they strengthened executives’ faith that they were on the right track.
When GM announced its plans to spend $30 billion on EVs by 2025, it included plans to renovate existing facilities, construct battery manufacturing facilities in the United States, and introduce 30 electric vehicle models across the globe, including the GMC Hummer EV.
In a January interview with CNBC, Barra claimed that “nobody has as many vehicles as we will have by 2025.” GM has consistently adhered to its objective. The odds are still against GM, at least temporarily, despite the fact that it has been almost 5 years since the company made its significant announcement. According to LMC Automotive, Tesla continues to command a dominant 66 percent of the small but expanding U.S. EV market, while GM only has a 6 percent share due to a slow start to production. Hyundai Motor and Ford are outselling it as well.