• 3 hours Tesla, Apple Claim China Is Stealing Intellectual Property
  • 5 hours EV Giants Duke It Out For Battery Dominance
  • 22 hours Tech Billionaire Takes Aim At Google
  • 1 day Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 1 day Expect A Pullback Before Gold's Next Major Rally
  • 1 day Why Interest On Gold Matters
  • 2 days Ten Extravagant Food Items For The Wealthy Only
  • 2 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 3 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 3 days Is A Gold Selloff Looming?
  • 4 days Central Banks Are Stashing Gold And Dumping Treasuries
  • 4 days Three Cannabis Trends Flying Under Investors’ Radars
  • 5 days $1.3 Billion In Cocaine Found On JPMorgan Vessel
  • 5 days Amazon Teams Up With Lady Gaga To Win Over Generation Z
  • 5 days Dollar Falls As Powell Teases Rate Cuts
  • 5 days Will The World's First Trillion Dollar Company Ever Bounce Back?
  • 6 days Many Americans Will Never Stop Working
  • 6 days Mozilla vs DarkMatter: The Cyber Espionage End Game
  • 6 days Chile Cracks Down On Environmental Infractions
  • 6 days Warning Signs Emerge For Boeing
Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Investing
  3. Other

Can The New Cadillac Rival Tesla?

Tesla

General Motors will make Cadillac its first electric car under the BEV3 platform, according to unnamed sources talking to Reuters. The electric Cadillac will become the flagship GM challenger to Tesla, the sources said.

An announcement, according to the sources, is expected later today, but details such as a timeline and specifications are unlikely to be divulged. GM has previously tried to make plug-in hybrids under the Cadillac brands but these sold badly and were discontinued after only a couple of years in production.

GM’s current EV portfolio includes the Chevrolet Volt, a plug-in hybrid, and the Bolt, an all-electric vehicle. But the mass market Chevrolet brand cannot take on Tesla, which has cornered the luxury EV market. Cadillac, on the other hand, could be a worthy opponent.

The biggest carmaker in the United States two years ago announced EV manufacturing plans that included building a dedicated electric vehicle architecture and launching it by 2021 along with a battery system, with the two to be used to develop at 20 new electric models in both the U.S. and China, the world’s largest EV market.

Also in 2017, chief executive Marry Barra said General Motors planned to launch at least 10 new EVs for the Chinese market specifically by 2020. Last year, Barra said the company eyed electric car sales of 1 million per year by 2026, with a substantial part of the total sold in China.

Last year, General Motors opened a battery factory in China in partnership with local carmaker SAIC Motor Corp. as part of its expansion plans for the Chinese market.

Last year, the then-president of Cadillac told Reuters Cadillac will have a “central role” in GM’s EV strategy for the future, not just on the domestic market but also in China. Cadillac sales in China are on the rise, with the figure last year exceeding 200,000 for the first time, Reuters notes.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment