Tesla (NASDAQ: TSLA) had a forgettable Tuesday as far as its stock was concerned. The high-profile electric vehicle (EV) maker saw its share price dip by nearly 3%, a steeper fall than the S&P 500 index's 0.7% decline. It seems the company is about to get some heavy competition in one of its major side hustles.
This morning, Reuters reported that General Motors (NYSE: GM) is forming a new business concentrating on energy-storage and management services. This division, GM Energy, puts the automaker on a direct competitive collision course with Tesla, which has had high hopes for its Tesla Energy unit.
GM Energy is to be formed by General Motors' existing Ultium Charge 360 charging service combining with a pair of new and related businesses, Ultium Home and Ultium Commercial. When this occurs, GM Energy will sell a range of energy products and services, including batteries, hydrogen fuel cells, and even solar panels.
Source Fool.com