In a recent appearance on The Street’s “Street Lightning” segment, Mad Money host Jim Cramer tells viewers that General Motors (GM) is “an old company with old ideas,” claiming that the automaker wouldn’t be able to keep up with Tesla.
Bashing the new Hummer, Cramer says that GM isn’t smart enough to go head-to-head with Tesla, citing that while GM is making the all-electric Hummer, its price – the top model starting at a hefty $112,595 USD – is a major deterrent for buyers, especially compared to EV giant Tesla, who has consistently been trying to lower the cost of its cars.
Tesla’s Cybertruck starts at $39,990 USD, which is half the cost of the entry Hummer EV.
In spite of price concerns raised by Cramer, the top model of the new Hummer EV is already sold-out on the reservations website. Still, the Tesla Cybertruck will undoubtedly pose a major threat to GM’s first electric vehicle, and many experts are wondering if old, conventional gas car brands will survive a shift to EVs at all.
It’s hard to deny that GM is, indeed, an old company with old ideas, especially considering that its first all-electric design is a complete remake of one of its older models.
At the time of writing, GM’s stock price was trading $36.76, up 2.75% from yesterday’s market close.
