GM's Electric Vehicle Sales Pale in Comparison to Tesla's Dominance

General Motors Inc. (NYSE: GM) witnessed an impressive 19% rise in unit sales to 691,978 vehicles in the second quarter.

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However, the electric vehicle (EV) sales of GM were relatively modest, reaching only 16,552 for the same period.

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In stark contrast, Tesla, the market leader, delivered a staggering 466,000 vehicles during the second quarter, with a significant portion being sold in the United States.

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The emphasis on EV sales by GM echoes a similar strategy employed by Ford, yet there is little evidence of an extraordinary surge in demand for their electric offerings.

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Despite the billions of dollars invested by GM and Ford to establish themselves as EV leaders, the public still predominantly perceives them as makers of gasoline-powered vehicles.

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Reinventing their reputations in the eyes of the public will prove challenging, even with their aggressive electric vehicle plans.

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A crucial question arises as GM and Ford enter the EV market: Can they generate profits? Ford has already been forced to raise the price of its F-150 Lightning due to soaring underlying costs.

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On the other hand, Tesla has opted to reduce prices, likely in an attempt to expand its market share beyond its already dominant position.

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