In 2025, GM did what most investors still think is impossible. It became America's second-largest EV maker. EV sales climbed 111% year over year, but the stock still trades like a slow-growth legacy automaker at 5x forward earnings, while Tesla is valued at over one hundred times. The market is pricing yesterday's GM. The data describes tomorrow's business: a distributed energy platform disguised as an automaker.
How fast is GM's EV business growing?
GM sold 144,668 electric vehicles through the first nine months of 2025, already exceeding its entire 2024 total. EV market share rose from 6% to 16% in twelve months, approaching GM's overall 17% market share. The Chevrolet Equinox EV became the best-selling non-Tesla electric vehicle in America, starting under thirty-five thousand dollars with over three hundred miles of range. Sixty percent of Equinox buyers came from Honda, Toyota, and Tesla.
What is GM Energy and why does it matter?
Seven out of ten GM EV buyers now purchase a GM Energy product. The PowerShift bidirectional charger and V2H Enablement Kit turn every Ultium vehicle into a mobile power plant. A Sierra EV can power a home for up to 21 days during an outage. Vehicle-to-Grid capability enables owners to sell power back during peak hours. GM is not just selling cars. GM is deploying a decentralized power utility where the battery generates revenue managed by GM software.
How do second-life batteries power AI data centers?
In mid-2025, GM partnered with Redwood Materials to deploy second-life Ultium batteries into stationary energy storage. The Crusoe partnership powers a 2,000 GPU data center with a 63 megawatt-hour second-life Ultium installation, the largest in North America. Standard auto logic treats a car as a depreciating asset worth zero in fifteen years. But if the battery retains 70% of its value for stationary storage after its road life, the real cost to the consumer drops by thousands. Equinox buyers are not just buying a car. They are buying an energy hedge.
Why does Wall Street still price GM like a legacy automaker?
Investors see China losses and tariff headwinds and price GM on what it was. They miss that EV market share now matches total market share. They miss that 70% of buyers opt into the energy ecosystem. They miss the circular economy where batteries flow from vehicles to homes to AI infrastructure. The legacy automaker discount assumes GM's future looks like its past. The sales data, the energy attach rate, and the second-life partnerships suggest otherwise.
GM at 5x earnings and Tesla at 116x is more than a comparison. It is a question about what investors choose to value: a vehicle, or the platform that lives after the vehicle is sold. Ultium turns one purchase into an energy stack, from home power management to grid participation to second-life storage feeding AI demand. When a company expands the lifecycle, it expands the opportunity set. That is the real story the multiple is starting to negotiate.