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Fly News Breaks for March 5, 2020
Mar 5, 2020 | 07:44 EDT
Wedbush analyst Daniel Ives notes that General Motors (GM) held its EV day in Detroit, with the company highlighting its plans to transform the industry looking ahead despite its tepid EV success to date. The analyst believes the event was a clear shot across the bow against Tesla (TSLA), which continues to lead the EV landscape by a clear margin. With battery technology the linchpin, GM says its battery technology will allow electric cars to travel 400 miles on a single charge without compromising driving performance which would exceed Teslas projected range of 322 miles for its Model 3, Ives notes, adding that GM touted its proprietary Ultium battery-cell technology, which can be stacked inside the battery pack either horizontally or vertically. He views that as one of the highlights of the event as this will be a focus when Tesla holds its Battery Day over the coming months to compare and contrast with the GM battery unveiling. Ives has a Neutral rating and a $710 price target on Tesla's shares.