GM To Release 20 Electric Cars By 2023

Posted October 03, 2017

More broadly, GM also drew a clear line in the sand on Monday: Its future is electric.

GM's statement emphasized that not all of its electric vehicles will be battery-powered: The company plans to use hydrogen fuel cells in some vehicles when it makes sense to do so.

"General Motors believes in an all-electric future", said Mark Reuss, General Motors' head of product development. 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 saying the system would not be "walled off" from electric vehicles made by other manufacturers.

Some of the future electric vehicles will utilize a new architecture that sports a longer range than the Chevrolet Bolt, which can travel for an estimated 238 miles on one charge.

More news: Aston Martin developing personal submarine

Competition. If GM doesn't join the electric auto push, it risks being left behind by Tesla, which is leading the way in electric vehicle innovation, and other companies such as Ford, Nissan and Volvo that are working toward more electric options. But it also said that "getting to a zero emissions future will require more than just battery-electric technology".

GM earned more than 90 percent of its $12.5 billion in pretax profits a year ago in North America, amid robust demand for its lineup of large sport utility vehicles and pickup trucks.

Chairman and CEO Mary Barra announced the company intends to introduce two new electric vehicles in the next 18 months and a total of 20 by 2023. Although the company is not offering any details on the two new EV's, they are saying both are based on the company's learnings from the Chevrolet Bolt EV.

"We see an inflection point in the major markets toward battery electric vehicles", Marakby said.

More news: Dollar rallies to ¥112.80 on hopes for USA rate hike, tax reform

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.

Based on a heavy-duty truck frame, and with two electric motors and all-wheel steer, it's part of the automaker's vision for what tomorrow's delivery vehicle, truck, or ambulance could look like in the years to come.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. The Motley Fool owns shares of and recommends Ford and Tesla.

More news: Here's How Much Caitlyn Jenner Reportedly Knows About Kylie Jenner's Pregnancy