GM Says It Can 'Absolutely' Catch Up With Tesla In US EV Market Share By 2025

General Motors Co GM CEO Mary Barra is confident the legacy automaker can catch up with the current electric vehicle leader and market disruptor Tesla Inc TSLA by 2025.

What Happened: Barra told CNBC that the automaker can "absolutely" catch up with Tesla in U.S. sales of electric vehicles by 2025.

Earlier this month, Barra told investors the automaker would more than double revenue by 2030 to about $280 billion and indicated the company will be ahead of rivals like Tesla and Ford Motor Co F in the U.S. electric vehicle market, without specifying a timeline. 

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GM — seen as a backbone of U.S. manufacturing by some — intends to soon launch multiple electric vehicles including the GMC Hummer pickup, Cadillac Lyriq and the Chevrolet crossover, and Barra sees the lineup as helping it outdo Tesla.

GM has earlier said it would launch at least 30 EVs by 2025.

Barra told CNBC that buyers “love these vehicles” and that the company would “just keep working until we have No. 1 market share in EVs.”

Why It Matters: Automotive consultancy IHS Markit expects Tesla’s U.S. market share of electric vehicles to drop from 79% last year to 56% in 2021 and further down to 20% in 2025 as more companies launch their electric vehicles, as per CNBC.

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GM on Wednesday reported a fall in both third-quarter revenue and profit that beat analyst estimates.

Barra-led GM had in June said it would boost spending on electric and autonomous vehicles to $35 billion through 2025, a 30% jump over its previous forecast under a new plan. 

The automaker aims to have more than half of its factories in China and North America to be capable of EV production.

Legacy rivals Ford and Volkswagen Ag VWAGY too have drawn plans to play catch up in the market disrupted by Tesla.

Price Action: GM shares closed 5.42% lower at $54.26 a share on Wednesday. 

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Photo: Courtesy of GM