Forget the dividend, General Motors continues to report record earnings amid a chip shortage and has stated that they have received immense interest for electric vehicles.

With an ambitious goal of selling 1 million electric vehicles, some will laugh at it while others (like me) find it attainable. General Motors has many factories and has many resources to invest in newer factories. At the same time, they have a large dealership network and are also investing heavily in opening more factories.

General Motors was once the No. 1 automaker in terms of sales volume for a long time, until Toyota took that spot in 2021. As CNN Money writes, General Motors held that position " for nearly a century through the Great Depression, wars, numerous recessions and its own 2009 bankruptcy and federal bailout."

Many think that $TSLA will remain the largest automaker for the foreseeable future. The issue with those views is that Tesla has 4 models and those models are starting to lose their appeal as competition comes in. The only reason why competition among EVs wasn't as fierce as what many of the bears predicted was because Tesla has better supply chains suited for EVs while the rest had supply chains that were most suited for ICE vehicles.

Once the supply chain issues ease, Tesla's competitors can ramp up production and start flooding the market with more vehicles. $LCID $F and $RIVN are in their early stages of delivering their electric vehicles and from seeing them and talking to the owners of those vehicles personally, the competition is more threatening than many realize. For Lucid specifically, I hear more about how they give consumers more bang per buck as the cars come with leather seats and other luxury features that Tesla lags in and for now, they allow people to stand out in their wealthy neighborhoods.

It will be exciting to see $FSR and $STLA start delivering their first electric vehicles soon. If you want to learn more about Fisker, check out my write-up.

To conclude, the future is very bright for General Motors. EVs will position the company to benefit from a bigger sales cycle for the auto industry as many look forward to switching their gas vehicles for electric. I'm highly optimistic that they can meet their aggressive sales goals.