Tesla and GM sold more cars; only one made more money
General Motors’ higher average selling price in the past year underscores its flexibility in managing the transition to EVs
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WHO said this? “As our fleet rolls over to this architecture, we’ll start to see costs head below US$1 per mile, the magic threshold at which robotaxis become cheaper for most people than owning a car. Lastly, we have something else that’s been in the works for a few years that is highly disruptive to the already highly disruptive AV (autonomous vehicle) industry.”
Not Elon Musk, as it turns out, but Kyle Vogt, the slightly less famous founder and head of Cruise, General Motor’s in-house AV developer. Vogt’s Muskian double “disruptive” tease was one of a few futuristic flourishes on GM’s earnings call Tuesday morning (Jul 25). The substance, however, was decidedly old-school, offering a useful contrast with Tesla.
The cover of GM’s slide deck showcased six electric vehicles (EVs), virtually none of which you can actually get your hands on today. In GM’s North American business, which accounts for the vast majority of its revenue, less than 2 per cent of the vehicles sold last quarter were electric; roughly 16,000 in total. Given the price war in EVs so far this year, that was good for GM.
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