GM vs. Ford: U.S. defense, energy sectors add to automakers' century-old rivalry
General Motors and Ford are looking for new potential growth areas, including by seeking military contracts and getting into energy storage businesses.
TL;DR
- Ford has joined GM in seeking U.S. military contracts, expanding their century-long rivalry to defense.
- Both automakers are entering the energy storage system (ESS) market, using technology similar to EV batteries.
- These new markets are seen by analysts as potential growth areas to offset losses in all-electric vehicle ventures.
- GM has an established defense unit and is developing next-generation batteries for ESS, while Ford plans to convert a Kentucky battery factory for energy storage production.
- The global ESS market is projected for significant growth, with GM and Ford aiming to capitalize on this expansion.
- GM's defense business is targeting significant revenue growth, while Ford is pursuing defense contracts and partnerships abroad.