General Motors takes ‘shot across the bow’ at Tesla with new all-electric vehicles

General Motors wants to make it a two-horse race between itself and Tesla with its next generation of all-electric vehicles starting next year. The Detroit automaker during an “EV Day” on Wednesday provided unprecedented details about its plans, including unveiling about a dozen of its upcoming products and announcing spending of more than $20 billion over the next five years on all-electric and autonomous vehicles. “We thought it was time for people to understand that General Motors has a leadership position in electrification and we’re moving fast,” GM Chairman and CEO Mary Barra told reporters. GM shares closed Thursday down 3.4% to $30.10, which more than wiped out their gain Wednesday, when they closed up 3.3% at $31.53. The company’s stock is down more than 23% in the past year, including a slide of about 18% so far this year.