The scheduled release of General Motor’s new hybrid cars will soon make them stand out in hope to compete with other companies in the electric field of automotives.
General Motors has mapped out a comprehensive electrification strategy that includes a reinvented 2016 Volt plug-in hybrid, a 2016 Malibu hybrid, the retail launch of the Spark EV in Canada and other markets, and the Bolt EV.
The Bolt, with a range of 321 kilometers, will be priced at $30,000, subsidies included.
All will be sold in global markets through GM dealerships, covered by factory warranties and backed by service procedures proven over the five years the current Volt has been on sale – with more than 70,000 Volts in the hands of customers.
Despite all this, Tesla remains the darling of the EV set. GM has made a demonstrable commitment to putting affordable electrified cars in the hands of the masses, but Tesla is considered a “buy” by a number of Wall Street analysts.
For instance, Morgan Stanley analyst Adam Jonas has a $320 per-share price target on Tesla (trading today at about $266), yet the company continues to lose money. The first-quarter loss at Telsa amounted to $154.2 million (U.S.). Nonetheless, the stock market puts a market cap on Tesla of more than $30 billion.
By contrast, GM today was trading at $35.43, for a market cap of about $57 billion. This begs the question: Does it gall Pam Fletcher, GM’s executive chief engineer for electrification, and her team to see such buzz about Tesla, but not so much for GM? She pauses and says, “We just showed you a video of a real car.”
She also points out that GM purposely puts key electrified vehicles into the Chevrolet brand. GM’s hybrids, plug-in and pure electric cars are not just for the elite, she says, taking a jab at Tesla. The base price of a Model S in Canada is $77,200, or more than twice the expected price of the coming Bolt – or the estimated $33,000 price tag of the Spark EV when it hits retailers in Canada this October.
GM is anxious to get out its electrification message, naming it one of the key elements of the Chevy brand moving forward.