Shares of Tesla tumbled 2.4 percent as manufacturers from Detroit to Japan unveiled new competition for buyers in the electric carmaker’s key market at the Detroit auto show on Monday.
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Ford Chairman Bill Ford said the company is investing $11 billion in electric vehicles by 2022 with plans to have 40 hybrid and fully electric vehicles in its model lineup, he announced Sunday at the Detroit auto show.
“We talked about a huge investment in electric vehicles. We have 16 models that are in design and development. We have a pretty big surprise coming next year,” CEO Jim Hackett told CNBC’s Phil LeBeau on the sidelines of the Detroit auto show, which kicked off Sunday.
General Motors CEO Mary Barra told investors ahead of the show Friday that the company is working on an all-electric Cadillac. Details were scant, but it’s expected to be an SUV.
Nissan’s luxury brand Infiniti announced all future models starting in 2021 will be “electrified,” meaning either plug-in hybrid or all-electric as it rolled out the QX Inspiration at Detroit. Nissan also debuted the new all-electric Leaf at the Consumer Electronics Show in Las Vegas the week before.
Ford’s shares were up 1.8 percent while GM’s rose 1.7 percent. Nissan’s shares were about flat. Tesla spokesman Dave Arnold declined to comment.