Friday, November 17, 2017

GM Announces Plans for Line of Profitable Electric Vehicles in 2021

Chevy Bolt (Credit: GM) Click to Enlarge.
General Motors CEO Mary Barra shared with investors on Wednesday that the company is planning a new family of electric vehicles that will be both affordable and profitable.  The news was dropped by Ms. Barra at the Barclays Global Automotive Conference in New York.

The news is a not-so-subtle jab at electric vehicle manufacturer Tesla that has produced award-winning electric vehicles for years now but has only turned a profit in one single quarter in its history.  General Motors and other legacy automotive manufacturers have been less aggressive in moving into the plug-in and electric vehicle market, instead content to continue the push gas-guzzling sport utility vehicles and trucks.

General Motors threw caution to the wind with its Chevrolet Bolt, which was brought from concept to production in record time, largely due to significant outsourcing of the majority of the powertrain and powertrain control equipment to LG.  Profitability likely means taking a rough cut at these outsourced components, including a close look at the single largest expense in the vehicle — the battery pack.  To that effect, as first reported by Reuters, Ms. Barra shared that GM has plans to cut the cost of its lithium-ion battery cells to less than the $100/kWh that has become synonymous with bringing electric vehicles down to register price parity with internal combustion vehicles by 2021.

Read more at GM Announces Plans for Line of Profitable Electric Vehicles in 2021

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