General Motors CEO Mary Barra showed a more down-to-earth posture during a Sanford Bernstein conference on Friday, admitting that Tesla has the lead in EV technology. It wasn't always like that, as only a year ago, Barra said GM would lead in EV, with plans to overtake Tesla by the mid-decade. Barely months after making that statement, Barra narrowed her scope to just North America. Soon, she announced that GM will have one million EV production capacity in the US by 2025, which essentially conceded Tesla was out of reach.
GM's CEO is known for her bullish statements regarding electric vehicles, despite having nothing to support her posture. Last November, Barra doubled down on her "one-million EV" claim, saying that not only will GM sell one million EVs in 2025, but it will do so profitably. That's certain to have caused laughs at Tesla and even Ford, another traditional carmaker chasing the EV market leadership. Unlike GM, though, Ford made clear steps toward achieving this goal, although its EV business is projected to lose about $3 billion this year.
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