EV revenues, GM said, will grow from around $10 billion currently to around $90 billion by the end of the decade, with a further $80 billion in "new, incremental revenue" from "connected vehicles and other new businesses."
"GM has changed the world before and we're doing it again," said CEO Mary Barra. "We have multiple drivers of long-term growth and I've never been more confident or excited about the opportunities ahead."
When asked if every investor needs an EV sector name in their portfolio at this point, Versace said: "Without a doubt, we're going to see a pronounced structural shift towards the adoption of EVs. There's an increasing number of consumers that are more mindful about the impact of emissions, there is regulatory reform pending that will help spur the adoption of those, and we're seeing more companies enter the marketplace, which I think is good because it's going to help drop the price of EVs and make them far more cost-competitive with existing fossil fuel-powered vehicles."
"There is a pronounced structural shift so, at a minimum, I think members want some exposure. We can debate whether it's Ford (F) - Get Ford Motor Company Report, GM, Tesla (TSLA,) - Get Tesla Inc Report or do we do it with a supplier?...I've mentioned one of my favorite investment strategies is to buy the bullets and not the guns, which really centers around key suppliers," he added.
The electric vehicle maker released a new version of its experimental driver-assistance software, Full Self-Driving Beta 10.2, CNBC reported citing an email the company sent to eligible car owners on Monday. To get access to FSD Beta in general, drivers must own Tesla vehicles with newer hardware and must purchase or subscribe to the premium FSD package, which costs $10,000 upfront in the U.S. or $199 a month.
The company used an insurance calculator to come up with a safety score for drivers. They must also score 100 out of 100 possible points in a week of driving at least 100 miles.
Tesla had delayed launching the software. CEO Elon Musk tweeted this past weekend that the company was delaying its release because of last-minute concerns about its build.
Tesla stock hit a seven-month high Tuesday after the carmaker defied a sharp slowdown in China to record its best-ever September sales tally zzzfrom the world's biggest car market. The company sold over 56,000 China-made cars in the month.
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