GM created a new energy business to sell batteries and solar panels in bid to dethrone Tesla - The Verge

GM is creating a new energy business called GM Energy to sell batteries, EV chargers, software, and solar panels. The automaker not only wants to dethrone Tesla but also grab a piece of a $150 billion market.

The Verge homepageThe Verge homepageThe VergeThe Verge logo./Tech/Reviews/Science/Entertainment/MoreMenuExpandThe VergeThe Verge logo.MenuExpandTranspoGM created a new energy business to sell batteries and solar panels in bid to dethrone TeslaGM Energy is making a grab for a piece of the $150 billion energy generation and storage market. The automaker wants to shore up the grid in preparation for a tidal wave of new EVs. By Andrew J. Hawkins / @andyjayhawk

Share this storyGM Energy will sell EV chargers, external batteries, and other accessories for its electric vehicle owners. GMGeneral Motors is creating a new energy business to sell batteries, charging equipment, solar panels, and software to residential and commercial customers in a broad-based effort to create a range of accessories that can help sell its lineup of electric vehicles.

The new division, GM Energy, is also a direct shot at Tesla as a major player in renewable energy generation and storage. GM has said it intends to eventually overtake Elon Musk’s company in vehicles sales — and now it wants to challenge it on the energy front as well.

Travis Hester, GM’s chief EV officer, said the company is making a serious grab for a piece of what is potentially a $120-150 billion market for energy generation and storage products. The aim is to make GM’s brand synonymous with not just electric vehicles, but a whole host of products and services in orbit around EVs and their rechargeable lithium-ion batteries.

Hester said that GM has noticed Elon Musk’s moves in this market and sees an opportunity for itself. Tesla’s energy business has been steadily growing for several years, with revenues reaching $866 million in the second quarter of 2022. In addition to Tesla, there are a host of smaller, less recognizable firms that sell these products, like Generac, which sells backup power generators, and Fluence Energy, an energy storage company.

https://www.theverge.com/2022/10/11/23391433/gm-energy-ev-battery-solar-panel-charger-grid-utility

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