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GM promises 20 all-electric cars by 2023

GM promises 20 all-electric cars by 2023”

The hastily called event was short on specifics, and it came just a day before the CEO of Ford Motor Co., GM's prime competitor, was to announce its business plan that likely will include electric and autonomous vehicles as priorities.

"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. And it promised an increase in the number of electric fast-charging stations in the USA, 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. It said that it will launch at least 20 new all-electric vehicles by 2023, with the first two going into production within 18 months.

Automakers, including electric vehicle market leader Tesla Inc, lose money on electric cars because battery costs are still higher than comparable internal combustion engines. "Because General Motors believes the future is all electric, these aren't just words in a war of press releases".

Despite the details of the company's electrification plan, GM has also reiterated its commitment that hydrogen fuel cell vehicles will be part of a zero emissions future.

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GM's foray into the electric marketplace has already resulted in resounding success, with the Chevy Bolt being named Motor Trend's 2017 Car of the Year and the 2017 North American Car of the Year.

As if to illustrate the point, GM showed a fuel-cell concept vehicle built on a heavy-duty truck frame - sized for vehicles like a delivery van, a truck, or an ambulance, GM said. The company offered sneak peeks of three electric vehicle prototypes: a Buick brand sport utility vehicle, a sporty Cadillac wagon and a futuristic pod auto wearing a Bolt badge. But while it has not set out a timeline, GM intends to go to 100% pure electric across the board, officials said.

GM has been a pioneer in the development of fuel-cell technology, putting its first prototype on the road four decades ago.

Reuss said the company is too big for them to pinpoint a date when gas and diesel vehicles will no longer be produced, according to USA Today. The Motley Fool has no position in any of the stocks mentioned.



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