GM lays out plan for 20 electric models by 2023

03 October, 2017, 08:08 | Author: Regina Lloyd
  • Chevrolet Bolt EV electric car with future GM electric and hydrogen fuel-cell vehicles Oct 2017

General Motors plans two all-new electric vehicles for release in the next 18 months, the first of at least 20 EVs the automaker will launch by 2023 as part of its vision for a zero-emissions future.

GM will follow up its well-regarded Chevrolet Bolt EV with a slew of advanced new all-electric models, the company said on Monday.

"General Motors believes in an all-electric future", said Mark Reuss, the executive vice president who oversees purchasing and supply chain operations, as well as product development.

GM has previously announced plans to make some of its future electric vehicles capable of driving themselves in robot taxi fleets.

California-based Tesla was among the first to break into the market for electrical vehicles.

She also added that GM will help with "accelerating" the deployment of rapid-charging stations for its customers.

The news helped push GM's stock up 4.4 percent to a record closing price of $42.16 on Monday, besting the old high of $40.99 set on December 20, 2013. He said that by the 2023 target date for the new electric models, GM will still be building cars, trucks and SUVs with internal combustion engines. The largest of Detroit's Big Three automakers also revealed a fuel-cell-powered heavy-duty truck concept dubbed SURUS, that could be used for a variety of purposes, such as a delivery vehicle or first-responder vehicle. Still, this is a big step for the electric vehicle, particularly on the domestic front.

It's no surprise that GM, which became the first automaker to begin mass-producing an affordable long-range electric vehicle previous year, appears to have an extensive electric-vehicle product-development program well underway.

GM has set up a joint venture with Honda (NYSE: HMC) to mass-produce fuel cells at a facility in MI.

The BEV and fuel cell announcement is a clear shot at electric vehicle upstart Tesla, which posted a net loss of almost $675 million past year, and has yet to earn an annual net profit.

But this week may top it, thanks to one single, massive announcement: General Motors is dumping gasoline in favor of an electric future.

But GM investors can now be a bit more confident that the General will be a major player as the world transitions to electric vehicles. The Motley Fool has no position in any of the stocks mentioned.


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