General Motors targets 20 all-electric models by 2023

NEW YORK: General Motors announced plans Monday to launch 20 all-electric cars by 2023, part of a long-term push to an "all-electric" fleet as governments globally embrace fuel efficiency.

The largest US automaker said it will introduce two new models built on the Chevrolet Bolt's knowledge within 18 months, which was launched in December 2016.

"General Motors believes in a fully electric future," said Mark Reuss, executive vice president of General Motors.

"Although that future will not happen overnight, GM is committed to driving greater use and acceptance of electric vehicles through uncompromising solutions that meet the needs of our customers."
General Motors targets 20 all-electric models by 2023
The first fully electric vehicle aimed at the mid-market, the Bolt now faces the competition of the Tesla 3 model, which has gained admiration among many environmentalists and car aficionados as a leader in new car technologies.

Car companies are investing heavily in all-electric vehicles, while China's officials in Europe emphasize the need for more energy-efficient vehicles, even as today's fleet continues to be overwhelmingly populated with conventional cars.

Officials from Britain and France are among those who said they plan to block sales of diesel or gasoline cars by 2040, while Norway has set a deadline of 2025.

China has set a target that at least 12 percent of cars should be hybrids or electric by 2020.

GM received a boost Monday from Deutsche Bank, which improved the company's stock to "buy" and said it enjoys an advantage over competitors in "autonomous and new mobility models."

GM shares rose 4.5 percent to $ 42.19 in the afternoon.

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