- General Motors (GM) makes a strategic move by recruiting former Tesla executive, Kurt Kelty for their electric vehicle initiatives.
- Kelty's appointment could be a game-changer for GM and the entire industry, pushing a shift towards greener alternatives and away from oil dependency.
The metamorphosis of the global automotive realm is in full swing as it speeds toward embracing renewable energy sources and electric vehicles (EVs), marking the beginning of the end for conventional fuel-dependent vehicles. Indeed, it would seem that we're witnessing Schumpeter's concept of creative destruction come to life as the automobile sector migrates from oil dependency to sustainable energy models. Central to this transformation is the recent venture of industry giant, General Motors (GM), hiring an influential EV figure, formerTesla executive Kurt Kelty.
Kelty carries a distinguished history that echoes among Wall Street investors - directing Tesla's shares to rocket by an impressive 170% from 2016 to 2020. His commendable 11 years at Tesla were marked by notable innovation in EV battery tech, particularly in the evolution of the revolutionary lithium-ion battery packs. Over his tenure, there was a significant reduction in price per KWh of about 75%. Kelty's impactful role at Tesla was mirrored in the extraordinary spur in EV market sales, consolidating the automobile leader's command on the market.
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