General Motors plans to open a fourth battery plant in the US heartland, part of its programme to chase Tesla on electric vehicle sales by following a similar playbook.
Billionaire Elon Musk’s car company pursued a strategy of vertical integration over the past decade that helped make the Tesla Model 3 the best-selling EV in the country. More than three years ago GM, too, began building out its North American supply base for electric vehicles, constructing factories and striking deals to secure the raw materials to feed them.
It appears the Detroit carmaker’s plan is starting to pay off. GM passed Ford in the first quarter for the number-two spot in North American EV sales. It will have six models eligible for the full $7,500 tax credit available to consumers through the landmark Inflation Reduction Act — more than Ford, Volkswagen, Rivian or Tesla.
Read the full story on the Financial Times here.