As GM commits to electric innovation, the company will compete with an increasingly crowded marketplace. 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.
"General Motors believes the future is all electric", Mark Reuss, the carmaker's Executive Vice President of Global Product Development, said on a conference call with reporters after sharing details of forthcoming designs and new battery engineering was revealed.
"Although that future won't happen overnight, GM is committed to driving increased usage and acceptance of (EVs) through no-compromise solutions that meet our customers needs", Reuss says in a statement.
Photo provided by General Motors A Chevrolet Bolt appears surrounded by nine electric and fuel cell vehicles covered by tarps. The German automaker Volkswagen has pledged to introduce a number of new battery-powered models in the next few years, and Ford Motor is expected on Tuesday to specify its plans for battery-powered models.
At least the first two new vehicles will be based off the current Chevrolet Bolt EV architecture, while future ones will feature an "all-new battery system" and architecture that GM briefly previewed Monday at its Technical Center in Warren, Mich., near Detroit.
GM's sole EV offering is the Chevrolet Bolt with a range of 238 miles (383 km), and the automaker says it will use learnings from the 10-month-old vehicle as the basis for the two new EVs.
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.
The automaker said not all of GM's electric vehicles will use batteries, some will use hydrogen gas instead. Some of the electric vehicles GM will offer in China are among the 20 Reuss promised by 2023.
But this week may top it, thanks to one single, massive announcement: General Motors is dumping gasoline in favor of an electric future.
As if to illustrate the point, GM showed a fuel-cell concept vehicle built on a heavy-duty truck frame - sized for vehicles like a delivery van, a truck, or an ambulance, GM said. That's right - they think these 10 stocks are even better buys. The Motley Fool has a disclosure policy.