General Motors promises more electric vehicles, paid for by SUVs

Flags fly outside the General Motors world headquarters building

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The Bolt, the first all-electric vehicle aimed at the middle market, now faces competition from Tesla's Model 3, which has won admiration among many environmentalists and auto aficionados as a leader in new auto technologies. A lot of countries have been approving laws that will decrease the use of fuel cars for the sake of a better future.

What's more, GM is confident that its work in developing pure battery electric vehicles has paid off in reducing costs of the technology.

GM Chief Executive Mary Barra said last month the company plans to introduce at least 10 new electric or hybrid vehicles to the Chinese market by 2020, and open a battery plant this year with Chinese partner SAIC Motor Corp Ltd.

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To that end, the company revealed a design for a new heavy-duty vehicle platform that would be powered by fuel-cell and dual electric motors, called "SURUS", or "Silent Utility Rover Universal Superstructure". "Although that future won't happen overnight, GM is committed to driving increased usage and acceptance of electric vehicles through no-compromise solutions that meet our customers' needs". The cars and trucks are part of a strategy based on GM's belief in an "all-electric future", according to Reuss.

New Delhi has said it wants all new vehicles to be electric by 2030.

GM shares were up 4%, to $42, though most of those gains came ahead of the news. "Because General Motors believes the future is all electric, these aren't just words in a war of press releases". The cars, priced at almost $15,500, are the first attempt by the Indian government to replace its half-a-million fleet of diesel and petrol cars - used by hhigh-rankinggovernment employees - with electric vehicles.

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For now, though, GM isn't saying exactly when that purely electric future will be.

GM earned more than 90 percent of its $12.5 billion in pretax profits past year in North America, amid robust demand for its lineup of large sport utility vehicles and pickup trucks.

Today's announcement by GM echoes similar announcements from other automakers planning to transition their portfolios to be electrified. And he said GM did not expect to be hurt financially by a move toward electric models, which can carry higher price tags than comparably sized gasoline-powered vehicles.

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