Is General Motors Company (NYSE:GM) thinking of getting into EV segment

Posted by Ryan Mandell September 23, 2013 0 Comment 1020 views

Tesla Motors Inc (NASDAQ:TSLA) has always been at the forefront of the electric car market. It has always wowed car lovers with its eco-friendly electric powered cars and has been in the news for its new launches and new models. And now, another well-established carmaker wants to enter the EV space and will in most probability prove to be serious competition for Tesla Motors Inc (NASDAQ:TSLA).

The future of cars

The Detroit News reported that Dan Akerson, the Chief Executive Officer of General Motors Company (NYSE:GM) has his qualms about the fact that Americans really desire electric vehicles in the current day. But he also feels that this sentiment might change in the future. If any brand had to give the front-running Tesla some serious competition, then the Cadillac brand is the best bet. Akerson said that they will eventually end up competing with Tesla and the Cadillac brand will be their obvious choice for it. GM’s CEO agreed that the market is not an easy one and cited the case of Fisker that just got side-tracked along the way. News has it that General Motors has plans of launching an electric vehicle with a battery range of 200 miles. This vehicle will sit in the below $30-$40,000 range.

Friday’s trading

In Friday’s trading session, Tesla Motors Inc (NASDAQ:TSLA) rose 3.07%. The opening price of the shares was $178.90 which rose to an intraday high of $185.83 and dipped to close at $183.39. Approximately 13.40 million shares were traded in Friday’s session. An average volume of 10.33 million shares were traded over a period of 30 days. The 52-week low of the shares was $26.86 while the 52-week high was $185.83. The company has a market cap of $22.27 billion.

Tesla Motors Inc (NASDAQ:TSLA) is involved in designing, developing, manufacturing and selling of EV’s and advanced EV power-train components. The company owns its sales & service network.

About Ryan Mandell

Ryan Mandell is our senior staff writer covering the White House for Political Report, Ryan also coordinates with the main newsroom news items and contributing write-ups on cultural, social and political activities. Ryan holds an undergraduate degree in journalism, a Doctorate in international relations and a Master Degree in mass communications with an emphasis in print journalism. Ryan also covered the International Society of Social Defense congress in Spain in 2007 and taken part in the Global Forum on economic policies

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