GM promises 1 million EVs worldwide by 2026

GM promises 1 million EVs worldwide by 2026

General Motors is following in the footsteps of former President Barak Obama by promising to build 1 million electric vehicles.

According to GM's estimates, cars based on the new platform will cost 30 percent less to bring to market and offer more range than now possible with electric cars.

"We are working to provide desirable, obtainable and profitable vehicles that deliver a range of over 300 miles", Barra told investors at the Barclays 2017 Global Automotive Conference in NY.

The substantial cost reduction will be made possible by falling battery costs ($145 per kilowatt-hour to under $100), greater economies of scale due to modular platform design, and lower manufacturing cost by integrating the battery into the vehicle structure.

Announcing that GM would sell 1 million battery-powered vehicles by 2026, Barra announced that the United States auto maker would launch an all-new pure-electric platform in 2021 that it would bank its zero-emissions future on. "There's a lot of really creative things we're doing to achieve that profitability point for that new platform".

As part of the speech given to investors and business leaders, Barra declared GM would launch at least 20 pure-electric or hydrogen fuel cell vehicles globally by 2023. Barra said GM will have an "all-new small CUV segment" with two entries and presence in two global markets-presumably North America and China.

So GM is ready to up its investments towards building electric vehicles, knowing that they have the market as well as government policies to support that strategic shift.

GM, according to Barra, is working on speeding the installation of DC fast chargers for EVs that almost all customers will be able to use.

CEO Mary Barra said the automaker will have 1 million EVs on roads around the world by 2026. China's policies are driving the reduction in electric vehicle prices that will make them more affordable in the United States if and when Americans ever decide that getting 15 mpg is just not good enough any more. The company said it will cut costs by approximately 30%.

Autonomous vehicles, she said, only will add to those opportunities.