GM Targets Profitable EV Business by 2021
General Motors Co. tells investors it expects its electric-car business to become profitable by 2021 and reach annual sales of 1 million units by 2026.
CEO Mary Barra says positive earnings will come when GM rolls out a cheaper and better-performing next-generation successor to its current Chevrolet Bolt EV platform four years from now.
The modular platform is targeting a range of more than 300 miles per charge. The new chassis also will use batteries that cost $100 per kilowatt-hour, making them about 30% cheaper than the units used in today’s Bolt. Analysts have said that price point would make EVs comparable in cost to piston-powered cars with similar performance.
The future platform will be used to carry 11 types of EVs ranging from small cars to large SUVs. GM has said it will introduce at least 20 battery and hydrogen fuel cell vehicles by 2023. The first two of the new models are due in 2020.
Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.
Hyundai enters the American market with a new parallel hybrid system that uses lithium-polymer batteries and the same six-speed automatic found in non-hybrid versions of the 2011 Sonata.
Ford has made an accomplishment that will never be bested, never even be tied.