It is almost five years since GM made its big declaration, yet the numbers still aren’t in GM’s favor — at least not for the moment. Tesla still has a dominant 66% of the small but rapidly growing U.S. electric vehicle market, according to LMC Automotive, while GM has just 6%, as production has been slow to ramp up. It’s also being outsold by Ford and Hyundai Motor.
Overall, only 8% of GM’s sales are estimated to be electric vehicles. That’s including vehicles produced with Chinese joint ventures such as SAIC-GM-Wuling, which produces a small car that was the best-selling electric vehicle last year in China.
But Barra, who in 2014 became the first woman to lead a Detroit automaker, remains convinced that’s set to change, and her legacy will arguably hinge on whether she can transform the automaker into an electric leader.
The market hasn’t agreed so far. Following a runup to more than $65 a share early this year, GM’s stock has been nearly cut in half to under $35 a share. The price once again marks a 14% decline under Barra’s tenure.
LMC expects GM to be the first Detroit automaker to top Tesla in electric vehicle sales, in part because of the company’s scale and Ultium platform. But it doesn’t forecast that to happen until 2029.
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