Dan Ammann is regarded as a forward-thinker in the mobility realm. But while speaking last month at the American Financial Services Association's Vehicle Finance Conference in Las Vegas, General Motors' president put the trend into perspective.
He noted that the combined market cap of General Motors, Ford Motor Co. and Fiat Chrysler Automobiles comes to about $120 billion, which is equal to the combined market cap of Tesla, Uber and Lyft.
Yet, he pointed out, 99 percent of all vehicles sold in the U.S. this year will be petroleum-fueled, not electrics, and "way less than" 1 percent of all 3 trillion-plus total miles traveled in the U.S. will be via ride-sharing services.
Thus, said Ammann, "the combined market cap of the 1 percent equals the 99 percent."