California-based electric vehicle (“EV”) maker Tesla (NASDAQ: TSLA) will soon be facing major competition from General Motors (NYSE: GM) after the automaker announced that it would invest billions of dollars into building an electric vehicle and battery manufacturing plant in Michigan, the state it calls home. General Motors wants to invest $6.6 billion by 2024 to speed up the development of electrified pickup trucks as well as install a new plant to build EV battery cells for its electric cars. According to the automaker, the investment is just part of the company’s plan to step up its production capacity in North America to a million EVs by 2025.
This will propel GM Motors well past Tesla, which has dominated the nascent EV market since it launched the Tesla Roadster more than a decade ago. GM plans on spending $35 billion on developing its electric vehicle lines through 2025 and projects that it will surpass Tesla and become…
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