GM “aspires” to exclusively offer electric vehicles by 2035, ending production of its cars, trucks and SUVs with diesel- and gasoline-powered engines.
The company’s “aspirations” are part of a larger plan for the Detroit automaker to be carbon neutral by 2040 in its global products and operations.
GM’s plan comes a day after President Joe Biden signed a series of executive orders that prioritize climate change.
The company plans to use 100% renewable energy to power its U.S. facilities by 2030 and global facilities by 2035 — five years ahead of a previously announced goal.
GM’s announcement comes a day after President Joe Biden signed a series of executive orders that prioritize climate change across all levels of government and put the U.S. on track to curb planet-warming carbon emissions.
Shares of GM increased as much as 7.4% during intraday trading Thursday morning to $53 a share. As of midday Thursday, shares were up about 4%. GM has a market cap of about $73 billion.
or several years, GM has touted a guiding “triple zero vision,” including a future with zero emissions through electric vehicles, but it never announced a time frame. The other goals include zero congestion and zero crashes through advanced safety technologies and self-driving vehicles.
“For General Motors, our most significant carbon impact comes from tailpipe emissions of the vehicles that we sell — in our case, it’s 75 percent,” GM CEO Mary Barra said in message on LinkedIn. “That is why it is so important that we accelerate toward a future in which every vehicle we sell is a zero-emissions vehicle.”
GM has already announced plans to shift three of its U.S. plants to produce electric vehicles.
GM plans to release 30 new EVs globally by 2025 under a $27 billion investment in electric and autonomous vehicles during that time frame. It also previously announced expectations for a majority, if not all, of its luxury Cadillac cars and SUVs sold globally to be EVs by 2030.
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at gm.com:
“GM is positioned to design, engineer, and produce EVs for every style and price point, and we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”
ehicles built from the Ultium system could offer GM-estimated driving ranges of up to 400 miles on a full charge with 0 to 60 mph1 acceleration as low as 3.0 seconds
The battery pack allows engineers to deliver vehicles with an optimized weight distribution and a lower center of gravity for outstanding ride and handling.