GM promises 20 all-electric cars by 2023 (GM)

pulse

October 2, 2017 5:16 PM

The carmaker will introduce at least 20 new all-electric vehicles by 2023 and two new electric cars by 2018.

• GM said that it "believes in an all-electric future."

• The carmaker will introduce at least 20 new all-electric vehicles by 2023

• Two new EVs will hit the market by 2018, following the Chevy Bolt which was launched in 2016.

• GM will also pursue a hydrogen fuel-cell electric strategy, to address the needs to non-retail customers

General Motors unveiled on Monday an ambitious plan to become an all-electric automaker, using a strategy that would combine battery-electric and fuel-cell-electric vehicles.

The 109-year-old company made the announcement in Detroit. The move demonstrated that GM is serious about remaining not just relevant, but extremely competitive as the global auto industry is transformed by electrification and the arrival of upstarts such as Tesla.

"General Motors believes the future is all electric," Mark Reuss, the carmaker's

getting to a zero emissions future will require more than just battery-electric technology."

To that end, the company revealed a design for a new heavy-duty vehicle platform that would be powered by fuel-cell and dual electric motors, called "SURUS," or "Silent Utility Rover Universal Superstructure."

"With its capability and flexible architecture, SURUS could be used as a delivery vehicle, truck or even an ambulance — all emissions free," GM said.

I trading Monday, GM shares were up 4%, to $42. The stock is up about 20% since the beginning of 2017.

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