General Motors Company (NYSE:GM) has announced on Friday that the company 2014 Cadillac ELR plug-in coupe will be available in the market with a price tag of roughly $76,000, this price contain services like delivery charges, that is unveil in the coming January.
The company is in aggressive competition with rival particularly Tesla Motors Inc (NASDAQ:TSLA), which is the major competitor of GM in electric car industry.
General Motors Company (NYSE:GM) two-door ELR will be available throughout US, distinct its brand Chevrolet Volt, which was initially launch in select markets. The new product battery has a charging capacity of driving the car to approximately 35 miles on the highway, and even if the battery run out as a substitute a gasoline engine is will provide a total driving range of over 300 miles.
GM current electric along with gasoline engine car will face tough competition from the rival’s product like Tesla’s Model S, which is currently considered as highest selling pure electric cars, having four-door at price tag of $70,000. Tesla Motors Inc (NASDAQ:TSLA) shares rose 3.34% to $178.70 in last trading session.
The company in August cut its Volt’s cost from $40,000 to $35,000, but analysts are uncertain whether the company has practical prospect for the fresh Cadillac. Due to increasing trends in the electric car industry, some other auto makers in the country is also aggressively entered into electric cars in recent months.
Analyst Karl Brauer at Kelley Blue Book said the US auto maker build a much bolder style and luxury than the Volt. And due to this reason the company has offered it with high price, but the new car can’t contradict the worth reality that is commonly observe in other advanced electric and hybrid vehicles.
With this new product the company has made an initial step in manufacturing more luxurious electric cars. the company deputy for international product development, Doug Parks, has said in September that the company would venturing in manufacturing other electric vehicles, that would be offered with $100,000-plus price range. General Motors Company (NYSE:GM) shares plunged -1.67% to $4.11 in last trading session.
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