After the General Motors Electric Vehicle Day presentation last week, Morgan Stanley’s Adam Jonas believes GM’s EV sales will grow 30 times in 10 years. This will represent 20% of GM’s total vehicle sales, rising to 70% of sales in 20 years. Jonas believes Tesla’s EV sales will only grow 4 times today’s volume. By my estimates, Jonas believes GM EV sales will be around 726,000 vehicles in 10 years. Tesla’s EV sales will be around 1.47 million vehicles in 10 years. Does this suggest that GM deserves a higher market cap than today’s $35 billion? Probably. But not just because GM’s growing EV investments. GM also is making considerable investments in mobility solutions with their Cruise subsidiary designed to attack an $8 trillion dollar future business opportunity. By contrast, Tesla’s market cap today is $112 billion. It seems Wall Street is taking into account Tesla’s mobility future, but not GM’s future.
Morgan Stanley Thinks GM’s EVs Will Grow Faster than Tesla’s
