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GM Is Going All Electric, Will Ditch Gas- and Diesel-Powered Cars


GM said that it will launch at least 20 all-electric vehicles by 2023, with the first two coming soon.

GM stock opened sharply higher - after the company's event had been scheduled but before its announcement had been made - and was up nearly 4 percent in afternoon trading.

Also on Monday, GM revealed a concept vehicle called the Silent Utility Rover Universal Superstructure (SURUS), a hydrogen four-wheel vehicle built on a heavy-duty truck frame and driven by two electric motors.

GM indicated last month it is almost ready to begin mass production of autonomous Chevrolet Bolt vehicles. Several countries, including Norway and India, now plan to ban internal combustion engines entirely. "A world free of automotive emissions", Reuss said.

Newer lithium-ion batteries have drastically improved the capabilities of electrified vehicles and there are now dozens of hybrids, plug-ins and BEVs on the market, as well as three hydrogen fuel-cell vehicles. There are now more than 1,100 available publicly to GM customers in the U.S. She declined to provide further details, citing more details "to come soon". Tesla, for example, has spent billions of dollars on its vehicles but has not profited overall.




GM has a short-term plan to introduce two all-electric vehicle in the next year and a half.

The company's profitable operations in China rely on consumer demand for an expanding lineup of gasoline-powered SUVs. "Although that future won't happen overnight, GM is committed to driving increased usage and acceptance of electric vehicles". 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. GM unveiled the Bolt at CES in 2016. Company officials did not say what companies would supply batteries for the larger fleet of vehicles promised by 2023.

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. Honda is expected to use the new hardware in the next version of its Clarity Fuel-Cell Vehicle.

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.

GM also hinted that it may take new steps to expand the public infrastructure for rapid recharging of electric vehicles, without offering any details.

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