GM CEO warns China’s EV price war is a ‘race to the bottom’ despite push for affordability
Mary Barra is sounding the alarm. GM’s CEO warned that China’s escalating EV price war is putting automakers globally under intense pressure. Although she called it a “race to the bottom” with many companies losing money, Barra admitted that the American automaker isn’t immune.
“It has become a race to the bottom with pricing and the level of subsidies,” Barra told Fortune editor-in-chief Alyson Shontell on Wednesday.
At Fortune’s 2024 Most Powerful Women Summit this week, GM’s CEO said the company wants to stand out despite the influx of low-cost Chinese electric cars in global markets.
Although she generally believes in free trade, Barra explained things are more complicated in China. The country’s rapid adoption of EVs and hybrids has caused major changes in China’s auto market with heavy subsidies and many still losing money.
Many major global auto markets, including the US and EU, recently raised tariffs on Chinese EV imports to “protect” domestic companies.
In May, President Biden announced a 100% tariff rate on EVs imported from China, citing “unfair trade practices.” In a press release, the administration said the move would “protect American manufacturers.”
Legacy automakers are struggling to keep up with low-cost EVs from China, like BYD’s Seagull, starting under $10,000 (69,800 yuan).
Even in overseas markets, like South America, the Seagull (known as the Dolphin Mini overseas) is among the most affordable electric options at around $20,000 (99,800 reals).
GM looks to overcome China’s EV price war
GM is among most foreign automakers feeling the heat in China’s surging EV market. Although EVs and PHEVs, or new energy vehicles (NEVs), outsold gas-powered cars for the first time in China this summer, GM’s sales in the region are down by double-digits this year.
As gas-powered vehicles continue falling out of favor, GM’s overall sales in China slid 21% in Q3 compared to last year.
Despite this, Barra remains optimistic as its investments over the past few years are starting to pay off. GM and its joint ventures also sold more NEV models than gas cars for the first time in China in Q3, with a 53% share.
In the US, GM’s electric vehicle sales surged 60% in Q3, with a record 32,095 models sold. “GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everyone,” Rory Harvey, GM’s executive vice president of global markets, said.
With its core brands, including Cadillac, Chevrolet, and GMC, all seeing strong YOY growth, GM topped Hyundai Motor (including Kia and Genesis) and Ford to become the second to only Tesla in Q3, according to Cox Automotive.
Barra suggested that more growth is on the way, especially as more charging options are available in the US.
“I think every quarter the charging infrastructure gets better, and it’s going to open up for more and more people to be able to legitimately consider an EV,” Barra said.
Last month, the company released its NACS adapter, unlocking Tesla’s vast Supercharging network for GM EV owners.
GM’s leader stressed, “We’ve got to continue to have affordable vehicles that people want to own.”
| 2025 Chevy Blazer EV trim | Starting MSRP (includes DFC) | Range | Horsepower | Torque | Availability |
| FWD | $45,995 | TBC | 220 | 243 lb-ft | Available to order soon |
| AWD | $48,995 | EPA-estimated 283 (previously 279) | 300 (previously 288) | 355 lb-ft (previously 333 lb-ft) | Available now |
| RWD | $56,990 | EPA-estimated 334 (previously 324) | 365 (previously 340) | 325 lb-ft | Available to order now |
| SS | $61,995 | TBC | 595 with Wide Open Watts (previously announced 557) Wide Open Watts mode can accelerate from 0 – 60 in 3.4 seconds | 645 lb-ft with Wide Open Watts | Available Q1 2025 |
The company has several new electric models that are quickly winning over customers, including the Chevy Equinox, Blazer, and Silverado EVs.
Launched last month, the 2025 Chevy Blazer EV is available at a lower $45,995 price tag. Meanwhile, the long-awaited $35,000 electric Equinox is finally arriving at dealerships. Both qualify for the $7,500 EV tax credit.
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Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.
2024 Jeep Wagoneer S EV lease prices
After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.
Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.
The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.
Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.
The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.
Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.
Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.
According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.
| Jeep Wagoneer S vs Tesla Model Y | Starting Price | Range | Lease Price |
| Jeep Wagoneer S Launch Edition | $71,995 | +300 miles | $599/mo |
| Tesla Model Y RWD | $44,990 | 320 miles | $299/mo |
| Tesla Model Y AWD | $47,990 | 308 miles | $399/mo |
| Tesla Model Y AWD Performance | $51,490 | 279 miles | $599/mo |
In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.
Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.
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Caltrain, the 160-year-old San Francisco to San Jose rail corridor, has ditched diesel and is now fully electric.
This makes Caltrain’s zero-emission service from San Francisco to San Jose the first diesel-to-electric transition in North America in a generation. To celebrate, Caltrain is offering free rides this weekend on its new half-hourly weekend service, and it’s hosting events at every city along the corridor.
The new electric service is also faster and more frequent. During peak hours, trains will run every 15 to 20 minutes at 16 stations along the corridor. Express service from San Francisco to San Jose will take less than an hour, and weekend service will be twice as frequent as before.
Each trainset will have seven cars instead of the previous five to six. The new electric trains accelerate and decelerate faster than the diesel fleet, allowing more frequent stops in the same amount of time.
The trains were built by Stadler US at their facility in Salt Lake City, Utah. After they were assembled, they were sent to a test facility in Pueblo, Colorado. where they were tested at high speeds under numerous conditions as required by the Federal Railroad Administration.
The new electric trains are not just better for the environment; they’re also a big upgrade for passengers. Riders can now enjoy perks such as free wifi, more seat power outlets, and expanded under-seat storage. Plus, the ride is much quieter.
Serving the region since 1863, Caltrain is the oldest continually operating rail system west of the Mississippi. The Electrification Project is fully funded by federal, state, and local partners.
Read more: ‘UK-first’ intercity battery trial train outperforms diesel
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