General Motors Company (GM) Plans Over 20 Electric Vehicles By 2023

General Motors is making a serious play for the future of electric cars.

"General Motors will move humanity forward in the future with all-electric propulsion", Reuss said, the outlet reported.

Unlike competitors such as Volkswagen, Daimler, Volvo, General Motors, which does not give much space to electric vehicles in portfolio, will take out 20 new, completely electric models as of 2023 years.

The new cars that will be introduced will be based on "learnings" from the Chevy Bolt, GM's well-received (and increasingly well-selling) mass-market EV.

The Bolt EV is an electric, mid-sized hatchback with a range of 238 miles per charge. Nonetheless, the leading global automaker's enhanced commitment to vehicle electrification is significant, given GM's size and reach.

Meanwhile, GM is looking to multiple interpretations of all-electric, and not all of them will involve plugging a vehicle into an outlet. "We feel it's important to have a cross-functional team all the way from defining the strategy plans and implementation to advanced marketing".

Meanwhile, Freese provided an update on GM's hydrogen fuel-cell vehicle development, which the company said is part of a two-pronged approach to the zero emission goal. The second EV is expected to be derived off the Bolt platform for the Buick brand in 2019.

"We will continue to make sure our internal combustion engines will get more and more efficient", Reuss said. It will start with two new EVs introduced in the next 18 months.

GM has set up a joint venture with Honda (NYSE: HMC) to mass-produce fuel cells at a facility in MI.

Last year, GM sold 10 million vehicles of all vehicle sizes and fuel types worldwide. But although Honda, Toyota and Hyundai each offer a fuel cell vehicle in California, those sales numbers barely register. The company says that it will require battery electric and hydrogen fuel cell electric depending on the requirements.

The auto makers are investing billions of dollars in electric vehicles despite challenges turning a profit on them due to expensive technology costs that increase vehicle prices, and tepid consumer demand.

Charles Freese, GM executive director of global fuel cell business, said SURUS is designed for a "wide range of applications", including freight and emergency rescue vehicles such as ambulances and military vehicles for disaster relief efforts.

Even British inventor James Dyson, known for his vacuums and fans, is getting into the game, announcing last week that he's investing $2.7 billion to develop an electric vehicle.

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