By 2023, the world will see the introduction of over 20 new all-electric vehicles from US auto giant General Motors Co.
General Motors said Thursday that as part of a larger goal to become carbon neutral by 2040, it plans to stop producing all diesel and gasoline-powered cars, trucks, and SUVs by 2035 and switch its whole new fleet to electric vehicles in the market. By 2030, the company wants to power all of its U.S. facilities with renewable energy, and by 2035, all of its facilities worldwide. This is five years ahead of a previously stated target.
A day after President Joe Biden issued a number of executive orders prioritizing climate change at all levels of government and setting the United States on track to reduce carbon emissions that contribute to global warming, General Motors made its declaration. The price of GM shares rose as much as 7.4% during intraday trade on Thursday morning, reaching $53. On Thursday at noon, shares were up approximately 4%. The market value of GM is roughly $73 billion. GM has been touting its guiding “triple zero vision” for a number of years, which includes a future with zero emissions thanks to electric vehicles, but it has never provided a timeline. Through cutting-edge safety technologies and self-driving cars, the other objectives include zero traffic congestion and zero crashes. In order for the plan to be successful, rules, infrastructure, and other elements must all align, according to the business, which described its 2035 EV objective as an “aspiration”. Consumer Reports vice president of advocacy David Friedman blasted the company for not being dedicated to the objective. Analysts believe that less than 5% of worldwide automobile industry sales are now made up of electric vehicles, including battery-electric and fuel-cell-powered vehicles. Due to the battery and fuel cells that power the vehicles, EVs are more expensive to construct than those with internal combustion engines. But auto industry executives and analysts are confident that electric vehicles (EVs), driven by stronger rules to minimize carbon emissions, are the industry’s future. GM’s chief sustainability officer, Dane Parker, reaffirmed that the corporation expects to turn a profit as it switches from conventional internal combustion engines to electric vehicles. He said during a Thursday media briefing that this will be the prosperous business model of the future. There are obstacles and technological difficulties, but they are convinced that they can get over them with the resources and knowledge they now possess, and this will be a business model that can prosper in the future. Three of GM’s American sites will switch to producing electric vehicles, as the company has already declared.
The transition at the company’s other plants, according to Parker, has the company excited. In order to dominate the global electric car market, GM is currently developing plans to offer the broadest array of electric vehicles. In addition, the business claims that its operations in Detroit-Hamtramck and Orion Township hope to produce more than 600,000 electric trucks annually by the end of 2024. The company further anticipates that its three more plants in Tennessee, Ontario, and Mexico will enable it to increase the total North American EV production capacity to more than a million vehicles by the end of 2025.
This transformation will safeguard everyone’s futures and assist us in building a world that benefits both people and the planet. Under a $27 billion investment in electric and autonomous vehicles throughout that time period, General Motors aims to release 30 new EVs globally. Additionally, it previously stated that by 2030, it expected the vast majority, if not all, of the luxury Cadillac cars and SUVs, sold worldwide to be electric vehicles. “This is the time for this technology; this is the time for this change,” Parker said, citing reduction in pricing and advancements in technologies, among other factors. “The convergence of those things has made this an inflection point that we want to seize.”