GM wants to be seen more like Tesla... and expects a similar valuation

[father_of_6]

I swear this seams like an article from The Onion... so strange. Please tell me I'm not imaging it:
GM says it will double annual revenue by 2030 to $280 billion in digital push to be seen more like Tesla

The article goes on to say "The two-day investor meeting, including product test drives on Thursday, is meant to provide a “clear strategy” to persuade investors to value the company more like a technology start-up such as Tesla, which is valued at more than $750 billion, compared with $79 billion for GM."

It's hard to understand how GM even let these things be recorded.

 

[usna92]

Well until they figure out how and actually perform the repairs on my Bolt, I think they should focus ore on today and not 8 years worth of tomorrows.

 

[alexgr]

I call it investor fraud.

 

[father_of_6]

If this works, I'm telling my wife that I want to be seen more like James Bond. Then I'm telling my boss that he should value me more like a superstar, with 10x the salary. Then I'm going to cross my fingers and hope that I don't spontaneously combust.

GM is totally going to lead America's EV revolution, right behind Ford and Stellantis.

 

[stopcrazypp]

It's obvious that is one of GM's goals when they did that whole Nikola deal even when everyone could tell it was a scam. They want to cash in on this whole frenzy of startups and SPACs, but they have the baggage of being GM no matter how they try to repackage themselves, plus they have had a whole stroke of bad luck in the companies they chose to work with (LG Chem is another example that will take a while to recover from).

 

[alexgr]

It's obvious that is one of GM's goals when they did that whole Nikola deal even when everyone could tell it was a scam. They want to cash in on this whole frenzy of startups and SPACs, but they have the baggage of being GM no matter how they try to repackage themselves, plus they have had a whole stroke of bad luck in the companies they chose to work with (LG Chem is another example that will take a while to recover from).

THANK YOU!. My thoughts from last year exactly. It looked like GM was trying to find a new line of cash to develop competitive EV products. They tried to use Nikola investors' money to make a smaller EV truck and unload some old hydrogen tech. Now, when the deal of defrauding Nikola investors has collapsed, GM is in dare need for new cash for true conversion to EVs. Ford is doing the SAME thing. They flood the news with big empty EV announcements in an attempt to boost their stocks. And, unfortunately, they have been quite successful so far. The next step will be to fund new investments by diluting stock at high price point.

 

[mark95476]

It's beginning to sound like a bit of desperation. Tesla hasn't been slowing down that much and they certainly haven't crated like the legacy auto OEMs expected years ago. Now they need something that resembles a business plan, even if that's basically "we're going to copy Tesla".

I mean, all of the iPhone-killers had to resort to copying Apple in the end just to survive.

It's obvious that is one of GM's goals when they did that whole Nikola deal even when everyone could tell it was a scam. They want to cash in on this whole frenzy of startups and SPACs, but they have the baggage of being GM no matter how they try to repackage themselves, plus they have had a whole stroke of bad luck in the companies they chose to work with (LG Chem is another example that will take a while to recover from).

THANK YOU!. My thoughts from last year exactly. It looked like GM was trying to find a new line of cash to develop competitive EV products. They tried to use Nikola investors' money to make a smaller EV truck and unload some old hydrogen tech. Now, when the deal of defrauding Nikola investors has collapsed, GM is in dare need for new cash for true conversion to EVs. Ford is doing the SAME thing. They flood the news with big empty EV announcements in an attempt to boost their stocks. And, unfortunately, they have been quite successful so far. The next step will be to fund new investments by diluting stock at high price point.

 

[father_of_6]

Really, it's just a plea for cash. They have no choice but to convert to EVs... and perhaps without this cash they won't survive. It wasn't too long ago that they almost died doing what they already know how to do. Now they have to do something they *don't* know how to do (but should, since they created the EV1 in 1995). Their bad for crushing them all. They crushed their own future.

 

[Calliope]

It reads like a fever-dream. Onion satire is right! They want an automobile manufacturer to be valued like a technology company with multi-industry investments? I suspect Tesla's energy products will grow faster than GM's new electric vehicles (proportionally).