Cancellations of upcoming auto shows came from both sides. First, from many car brands like Ford Motor Company (NYSE: F), Volvo (OTC:VOLF), Jaguar and Peugeot (OTC: PUGOY) and then by the organizers themselves. These cancellations come at a bad time since many announced premiers were highly anticipated. Some of the announced models were BMW (OTC: BMWYY) Concept i4, new Mercedes-Benz E class (OTC: DDAIF) and Volkswagen (OTC: VWAGY) GTI.
Upcoming All-Electric Vehicles
Next to Tesla, Inc. (NASDAQ: TSLA), which is probably the first association when it comes to electric cars, General Motors Company (NYSE: GM) announced its decision to invest more than $20 billion in its next generation of all-electric vehicles. This way GM will probably get into Tesla's turf and plans, as the GM investment also refers to autonomous vehicles. In order to convince the sceptical side of Wall Street, GM made these announcements during its "EV Day" on March 4th.
The investment is to be spread until 2025, and it includes the capital and engineering resources. During the "EV Day", the company showed and discussed 11 new all-electric vehicles, as a part of the 2025 plan. Until 2023, GM plans to present at least 20 new EV models.
This will be a big opportunity for this 110-year-old automaker to reset and reinvent the company. This announcement made GM's stock rise almost 2% to $31.03 per share. This was welcomed by the investors, especially after the GM shares were down 21.5% in 2019 and roughly 16% this year, not to mention the consequences of the 40-day strike.
New GM EV Model Performances
GM announced some tempting performance details about its future EV models. All the models should have a range of at least 400 miles and they should accelerate from zero to 60 mph in only three seconds. When it comes to charging, it should take only 10 minutes to charge enough for 100 miles. All these performances are even better than Tesla's current models. For example, its Model 3 has a range of 322 miles, it takes 15 minutes to charge enough for 172 miles and it speeds up from zero to 60 miles in 3.2 seconds.
Possible Upgrades For Current Models
GM currently has a variety of models, from pickups and SUV to newer versions like the Bolt EV, offered from all its brands like Cadillac, Buick, Chevrolet, and GMC. Until the new EV models see the light of the day, Franchise Holdings International (OTC: FNHI) and its company Worksport are offering some interesting accessories for current pick-up trucks. Their new line of tonneau covers with solar technology can benefit current pickup truck owners, no matter the model, make and year. Moreover, their tonneau covers will be even more easily reachable by being present on Amazon.com, Inc.'s marketplace (NASDAQ: AMZN), once the listing process is finished.
One of the biggest goals for all EV makers of the next-generation of all-electric vehicles is to make the vehicles profitable with an affordable selling price. This is becoming more and more possible thanks to a considerable drop in battery costs. GM recognized this and is using it as a boost for its 2025 targets.
The number of required EVs will only be higher and higher as the world aims for zero-emissions. Other automakers have no other choice but to follow. Will anyone dare to try and take Tesla off the EV throne is an entirely different question. May the EV Game of Thrones begin!
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