GM nears EV profitability. What does that mean for Tesla?
General Motors (GM) reports making progress in EV profitability, which would mark a significant milestone as traditional automakers struggle to break into an EV market already dominated by Tesla (TSLA). Stifel nextgen transport analyst Stephen Gengaro sits down with Seana Smith and Madison Mills to discuss where GM's progress leaves Tesla. "Legacy OEMs (original equipment manufacturers) have sort of lagged in in EV development. That's one area where Tesla has benefited in the short term. The other delays we've seen kind of across the spectrum from GM and Ford (F) and others, it really allows the Tesla and the Rivians of the world to continue to gain traction with customers," Gengaro tells Yahoo Finance, noting, "That actually sets them up for being in a very good strong position longer term." He adds, "It's going to be interesting how this evolves as to whether sort of a legacy GM person is going to go to Tesla or Rivian over GM, but I still think that the Teslas and Rivians of the world are kind of leading the way on the EV front. So I don't think those GM comments have too big an impact on Tesla in the next couple of years." To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This post was written by Naomi Buchanan.
