GM Going All-Electric; 20 New EVs Planned by 2023

03 October, 2017, 08:08 | Author: Valerie Burke
  • Flags fly outside the General Motors world headquarters building

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

In addition to the new electric cars, GM is also working on new fuel cell technology, which is part of its partnership with Honda.

Mark Reuss, the company's chief of global product development, said Monday that GM would introduce two new all-electric vehicles derived from its current battery-powered Chevrolet Bolt sedan. "Although that future won't happen overnight, GM is committed to driving increased usage and acceptance of electric vehicles". And it promised an increase in the number of electric fast-charging stations in the US, which now total 1,100 from companies and governments, taking a shot at electric competitor Tesla Inc.by saying the system would not be "walled off" from electric vehicles made by other manufacturers.

General Motors believes in an all-electric future. Nissan recently announced a redesigned version of that auto, with longer range and a price that remains lower than even Tesla's new, more accessible, Model 3. GM has said in the past that it thinks fuel cells make sense in applications where battery packs would be too big and heavy, or when recharging times are critical - heavy trucks, for example, or vehicles used by first responders, which can't afford to be out of service for hours to recharge.

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GM earned more than 90 percent of its $12.5 billion in pretax profits previous year in North America, amid robust demand for its lineup of large sport utility vehicles and pickup trucks. GM said that it will launch at least 20 all-electric vehicles by 2023, with the first two coming soon.

GM shares were up 4%, to $42, though most of those gains came ahead of the news. Musk has said Tesla plans to produce 500,000 electric cars annually by the end of 2018, and 1 million by 2020, though so far it operates just one factory, the former GM-Toyota joint venture that never built more than 430,000 per year.

The Bolt, the automaker's first long-range electric model, will be joined by two other BEVs within the next 18 months, GM also confirmed Monday.

"We're serious about battery electric vehicles", she said. The cars, priced at almost $15,500, are the first attempt by the Indian government to replace its half-a-million fleet of diesel and petrol cars - used by hhigh-rankinggovernment employees - with electric vehicles. GM envisions SURUS as a delivery vehicle, truck or ambulance. The Motley Fool has no position in any of the stocks mentioned.

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