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MoneyGM's Cadillac will introduce EV in fight against Tesla: sources

15:55  11 january  2019
15:55  11 january  2019 Source:   reuters.com

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GM is not expected to disclose on Friday additional details, including precisely when the Cadillac EV will be built, whether it will be a crossover or sedan, or where it will be assembled, the sources said. A GM spokesman declined to comment. GM had previously focused on making electric vehicles under

GM is not expected to disclose on Friday additional details, including precisely when the Cadillac EV will be built, whether it will be a crossover or sedan, or where it will be assembled, the sources said. A GM spokesman declined to comment. GM had previously focused on making electric vehicles under

GM's Cadillac will introduce EV in fight against Tesla: sources© Reuters/Jonathan Ernst Car manufacturers display their wares on the show floor of the North American International Auto Show in Detroit

Cadillac is expected to become General Motors Co's lead electric vehicle brand as the largest U.S. automaker gears up to introduce a new model under that luxury marquee to challenge Tesla Inc , two people briefed on the matter said Thursday.

Research the latest from Cadillac on MSN Autos

GM is set to announce Friday as part of an investor update that a Cadillac will be the first vehicle based on its forthcoming "BEV3" platform, the people said. The vehicle platform is the basis for vehicle underpinnings, including the battery system and other structural and mechanical parts.

Tesla cuts prices as 4Q deliveries miss analysts' estimates

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GM is not expected to disclose on Friday additional details, including precisely when the Cadillac EV will be built, whether it will be a crossover or sedan, or where it will be assembled, the sources said. A GM spokesman declined to comment. GM had previously focused on making electric vehicles under

Tesla was founded in 2003 by a group of engineers who wanted to prove that people didn’t need to compromise to drive electric – that electric vehicles can be better, quicker and more fun to drive than gasoline cars. Today, Tesla builds not only all-electric vehicles but also infinitely scalable clean

GM is not expected to disclose on Friday additional details, including precisely when the Cadillac EV will be built, whether it will be a crossover or sedan, or where it will be assembled, the sources said.

A GM spokesman declined to comment.

GM had previously focused on making electric vehicles under its mass market Chevrolet brand, including its plug-in Chevrolet Volt and battery electric Bolt. GM announced last year it was ending production of the plug-in Volt as well as a low-selling plug-in Cadillac CT6, even as it moved to boost EV spending.

GM said in November as part of its restructuring efforts it was doubling resources for electric and autonomous vehicle programs over the next two years.

Last month, two Ohio senators asked GM to commit to building all future electric vehicles for U.S. buyers within the country.

Tesla's Musk says Shanghai factory breaking ground

Tesla's Musk says Shanghai factory breaking ground Tesla Inc. is breaking ground for a Shanghai factory and will start production of its Model 3 and a planned crossover by the end of the year, CEO Elon Musk said Monday . Tesla announced plans in July to build its first factory outside the United States in China, the biggest electric vehicle market, despite trade tension between Beijing and Washington. That followed Beijing's announcement it would end restrictions this year on foreign ownership of electric vehicle producers in an effort to spur industry development. "Looking forward to breaking ground on the @Tesla Shanghai Gigafactory today!" said Musk on Twitter.

Tesla Motors was founded by Martin Eberhard and Marc Tarpenning on July 1, 2003.[1] In the early In late 2007, Tesla brought on Michael Marks,[26] and later Ze' ev Drori Investors expressed concern about Tesla ' s plans for execution and competitive risk, as Volvo Cars committed to introduce only

Fiat Chrysler may finally be embracing the EV trend, as it' s mulling over two new battery electric vehicles for its lineup. The first model is an electric Maserati Alfieri sports car, which would compete against Tesla . "I've always thought the economic model that supports Tesla is something that Fiat

GM said in 2017 it planned by 2021 to introduce a new dedicated flexible electric vehicle architecture and an advanced battery system to support the development of at least 20 new models in the United States and China.

GM said in 2017 that a new electric vehicle platform in 2021 will serve as a base for at least nine derivatives, ranging from a compact crossover to a large seven-passenger luxury sports utility vehicle and a large commercial van.

Johan de Nysschen, who was then Cadillac's president, told Reuters at the Detroit auto show in January 2018 the luxury brand will play a "central role" in GM's electrification strategy, including China. He added that Cadillac would be "at the forefront" of rolling out new electric vehicles in the United States and China. He left GM in April.

This week, GM said Cadillac sales in China rose 17.2 percent in 2018, surpassing 200,000 units for the first time. GM Chief Executive Mary Barra has said that GM aims to sell 1 million electric vehicles a year by 2026, many of them in China, which has set strict production quotas on such vehicles.

Barra said in 2017 the company plans to introduce at least 10 new electric or hybrid vehicles to the Chinese market by 2020. GM opened a battery plant with Chinese partner SAIC Motor Corp Ltd <600104.SS> last year.

In October, GM urged the Trump administration to back a nationwide program to boost sales of zero emission vehicles like electric cars, even as the government has proposed ending California's ability to require more clean vehicles.

(Reporting by David Shepardson; Editing by Richard Chang)

Tesla downgrade by RBC means more analysts on Wall Street have 'sell' ratings than 'buy' on stock.
Eight analysts say "buy," seven say "hold" and nine now say "sell," according to TipRanks.com. © Provided by CNBC LLC Tesla founder Elon Musk. Tesla was downgraded to underperform by RBC Capital, which said that the electric car maker has finally started to give some straight talk to investors about its future growth, but many are still not listening because they are still too enthralled by the company's founder and CEO Elon Musk. Analyst Joseph Spak writes: "It's not that we don't believe Tesla can grow over time, our model shows solid LT growth.

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