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Tesla : Cadillac will introduce EV in fight against Tesla

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01/12/2019 | 12:51pm EST

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. GM is set to announce 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.

GM is not expected to disclose 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 plugin 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. 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.

(c) 2019 News of Bahrain Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 21 358 M
EBIT 2018 287 M
Net income 2018 -994 M
Debt 2018 7 636 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019 140,45
EV / Sales 2018 3,05x
EV / Sales 2019 2,25x
Capitalization 57 427 M
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Mean consensus HOLD
Number of Analysts 31
Average target price 336 $
Spread / Average Target 0,57%
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Managers
NameTitle
Elon Reeve Musk Chief Executive Officer
Robyn M. Denholm Chairman
Deepak Ahuja Chief Financial Officer
Jeffrey B. Straubel Chief Technology Officer
Gary Clark Chief Information Officer
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