- General Motors is launching a division that provides homeowners with power storage technology.
- The new service is set to launch by the end of 2023, GM said on Tuesday.
- GM Energy will provide battery storage devices, and let drivers use EVs to power their homes.
General Motors is taking on Tesla with a new division that will let homeowners and small businesses generate and store electricity.
GM Energy will offer solar energy and battery storage products so electric vehicle owners can use their cars as power sources when needed, the company announced on Tuesday.
The new service will launch by the end of 2023 and put the car maker in competition with Elon Musk's EV maker, Travis Hester of GM told The Guardian: "There are a lot of analogies you can draw with Tesla."
GM Energy will use SunPower to provide customers with solar panels, with wall-mounted battery storage from Ultium and include its existing charging service called Ultium Charge 360.
Tesla's energy storage business includes its Powerwall storage and Megapack storage units.
GM believes the market could be worth as much as $150 billion, Hester told The Guardian.
The company also aims to help customers manage potential power outages by helping them store electricity and draw on reserves at peak times. A primary feature of the home energy system will enable drivers to power their homes with a battery in compatible electric vehicles, GM said.
The launch is timed to coincide with the 2024 Chevrolet Silverado EV going on sale.
It's the latest development in GM's "All Electric Future" strategy, as CEO Mary Barra terms it.
The company plans to invest $35 billion to introduce 30 new EVs by 2025.
GM did not immediately respond to Insider's request for further comment outside normal business hours.