GM's electrified "future will be profitable", according to Mark Reuss, GM executive vice president of global product development, purchasing and supply chain.
"Although that future won't happen overnight, GM is committed to driving increased usage and acceptance of (EVs) through no-compromise solutions that meet our customers needs", Reuss says in a statement.
But with governments from China to California considering stiff regulations to encourage the production of emissions-free vehicles, GM is responding with big promises to shift its business more toward cars propelled by batteries and fuel cells.
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The automaker said not all of GM's electric vehicles will use batteries, some will use hydrogen gas instead.
Photo provided by General Motors A Chevrolet Bolt appears surrounded by nine electric and fuel cell vehicles covered by tarps. The two models will be the first of at least 20 new all-electric vehicles that GM plans to bring out by 2023.
While those products are expected to use batteries to provide power, GM is also development SURUS, short for Silent Utility Rover Universal Superstructure, which it calls a "fuel-cell-powered, four-wheel steer concept vehicle on a heavy-duty truck frame that's driven by two electric motors". SURUS is created to serve as the underpinnings for delivery vehicles, trucks or even applications like an ambulance. 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 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. Still, this is a big step for the electric auto, particularly on the domestic front.
GM has set up a joint venture with Honda (NYSE: HMC) to mass-produce fuel cells at a facility in MI. That's right - they think these 10 stocks are even better buys. The Motley Fool owns shares of and recommends Ford and Tesla.