General Motors (GM) challenges Tesla with plan for producing profitable low cost electric cars

General Motors have stated that plans to launch a new family of electric vehicles in 2021 that will cost less to build and make a profit for the U.S. No. 1 automaker,

Electric and autonomous vehicles - known in the industry as EVs and AVs - are widely seen as the keystones of future transport, but Tesla, Ford Motor Co and other car manufacturers are still working out how to make money on them.

GM is looking to make profit from the elctric car production by developing an all-new electric vehicle platform that will accommodate multiple sizes and segments, to be sold by different GM brands in the United States and China, adding new details to GM’s aggressive electrification strategy.

In early October 2017, GM said it planned to launch 20 new electric vehicles by 2023, but did not provide specifics.

In comparison, the rival Ford has said it plans to introduce 13 “electrified” vehicles - mostly hybrid gasoline-electric models - by 2022.

GM is planning to increase the sales of electric vehicles to 1 million electric vehicles a year by 2026, many of them in China, which has set strict production quotas on such vehicles. The GM’s China chief said the automaker and its joint-venture partners will be able to meet the China's 2019 electric vehicle requirements without purchasing credits from other companies.

GM’s cost reduction efforts on electric vehicles are mostly concentrated on a new battery system, where the production of the new batteries should be more than 30 percent cheaper than the one that powers the Chevrolet Bolt.

The company aims to cut the cost of its lithium-ion batteries to less than $100 per kilowatt-hour from $145 per kilowatt-hour by 2021, which would considerably reduce the EV price and bring the overall cost of electric vehicles much closer to comparable gasoline-engine models.

GM stated that the new batteries would hold more energy and charge quicker. The company is aiming to extend the electric vehicle range to more than 300 miles (483 km) with the new batteries which is considerable increasing compared with the actual Chevrolet Bolt which is having a range of 238 miles.


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