The United States auto major General Motors has announced an investment of more than $20 billion till 20205 that it will make on development of technology and production capabilities for the next generation of all-electric and autonomous vehicles in its efforts to make a dent in the fast-growing market of electric and self driving vehicles.
According to analysts, this round of investments by the 110-year of auto company is being seen as its efforts to convince its critics - particularly on Wall Street, that the company has the ability to rival the recently established companies such as Tesla as the entire global auto industry is slowly shifting to all-electric vehicles.
As part of its plans till 2025, the company showcased and discussed 11 new all-electric vehicles that include at least 20 new models which will hit the market by 2023.
While not willing to disclose the amount of the $20 billion investment that it would be investing to electric vehicles, GM said that the investments would be distributed between capital expenditures and for acquiring new and emerging resources.
“This is a huge opportunity for us. The biggest opportunity any of us has ever seen for this company, certainly,” GM President Mark Reuss said. “And we are all-in. It represents a chance to reinvent the company and reset our brands. It will change this company and people’s perception of it forever.”
The market was shown a crossover vehicle that is expected to be the company’s first all-electric vehicle of the Cadillac brand as a part of the next generation of all electric vehicles.
The new all electric vehicles form the company will be able to travel a distance of 4000 miles on single charge and have an acceleration from zero to 60 mph in as little as three seconds, GM said. The company stressed that the performance specifications of its all electric vehicles are either equal to or are better than that the current vehicles of Tesla.
The Model 3 from Tesla has a range of 322 miles in a single charge, takes 3.2 seconds to accelerate from zero to 60 mph and is able recharge for a distance of 172 miles in 15 minutes.
A range of the future vehicles, many of which were still clay models, ranged from pickups and SUVs to newer versions of the Bolt EV. A large Escalade-sized SUV, a Chevrolet pickup and a “flagship” Cadillac car and the GMC Hummer pickup and SUV are some of the most notable vehicles that were showcased by GM.
“There is much, much more to come,” GM Chairman and CEO Mary Barra said. “I really believe this is a historic moment for General Motors. We changed the world before and we’re going to do it again. We are aggressively going after every aspect of the EV ecosystem because we need millions of EVs on the roads to make a meaningful impact toward building a zero-emission world.”
(Source:www.cnbc.com)
According to analysts, this round of investments by the 110-year of auto company is being seen as its efforts to convince its critics - particularly on Wall Street, that the company has the ability to rival the recently established companies such as Tesla as the entire global auto industry is slowly shifting to all-electric vehicles.
As part of its plans till 2025, the company showcased and discussed 11 new all-electric vehicles that include at least 20 new models which will hit the market by 2023.
While not willing to disclose the amount of the $20 billion investment that it would be investing to electric vehicles, GM said that the investments would be distributed between capital expenditures and for acquiring new and emerging resources.
“This is a huge opportunity for us. The biggest opportunity any of us has ever seen for this company, certainly,” GM President Mark Reuss said. “And we are all-in. It represents a chance to reinvent the company and reset our brands. It will change this company and people’s perception of it forever.”
The market was shown a crossover vehicle that is expected to be the company’s first all-electric vehicle of the Cadillac brand as a part of the next generation of all electric vehicles.
The new all electric vehicles form the company will be able to travel a distance of 4000 miles on single charge and have an acceleration from zero to 60 mph in as little as three seconds, GM said. The company stressed that the performance specifications of its all electric vehicles are either equal to or are better than that the current vehicles of Tesla.
The Model 3 from Tesla has a range of 322 miles in a single charge, takes 3.2 seconds to accelerate from zero to 60 mph and is able recharge for a distance of 172 miles in 15 minutes.
A range of the future vehicles, many of which were still clay models, ranged from pickups and SUVs to newer versions of the Bolt EV. A large Escalade-sized SUV, a Chevrolet pickup and a “flagship” Cadillac car and the GMC Hummer pickup and SUV are some of the most notable vehicles that were showcased by GM.
“There is much, much more to come,” GM Chairman and CEO Mary Barra said. “I really believe this is a historic moment for General Motors. We changed the world before and we’re going to do it again. We are aggressively going after every aspect of the EV ecosystem because we need millions of EVs on the roads to make a meaningful impact toward building a zero-emission world.”
(Source:www.cnbc.com)
