GM to introduce two new electric cars in the next 18 months

GM said it would introduce two new all-electric models within 18 months as part of a broader plan toward what the company says is the ultimate goal of an emissions-free fleet. At the same time, it's hard for companies to turn a profit on electric cars.

An afternoon recap of the day's most important business news, delivered weekdays. It will require a two-pronged approach to electrification - battery electric and hydrogen fuel cell electric, depending on the unique requirements. "Although that future won't happen overnight, committed to driving increased usage and acceptance of electric vehicles".

Reuss said that GM would follow the Bolt, which went on sale late a year ago, with two additional all-electric vehicles by 2018.

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

The event was billed as a "sneak peek" into GM's electric future. Last year, GM and Honda announced plans to cooperate on fuel cell development, with plans for a joint venture dedicated fuel cell factory by 2025. But the Model X and the Model S are luxury vehicles with prices starting over $70,000. "First 500 e-cars will be supplied to EESL in November 2017 and the rest 9,500 EVs will be delivered in the second phase", ESSL said.

Production of the hotly anticipated Model 3 - which is half the cost of Tesla's previous models - began in July. Mercedes said it needs a reasonable timeline and improved incentives for motorists, while Tesla boss Elon Musk has postponed entry to the Indian market. The company has also renewed its commitment to hydrogen fuel cell technology so it's going to focus on that as well for future products. Pam Fletcher, who leads GM's autonomous- and electric-vehicle development programs, said that GM is planning efforts to expand the availability of fast-recharging stations for its customers. Nissan recently announced a redesigned version of that vehicle, with longer range and a price that remains lower than even Tesla's new, more accessible, Model 3.

Reuss said the company was not expecting job losses based on a shift away from gasoline engines, which now account for a vast majority of the company's production. Mark Ruess, GM head of product, told Wired that the automaker will phase out its gas- and diesel-powered vehicles gradually in different markets.

"The future will be profitable", he said.

  • David Armstrong