General Motors (NYSE:GM) is all in on electric vehicles.
The Detroit automaker has announced that the majority of the vehicles it produces will be electric by 2035, and the entire company will be carbon neutral by 2040.
GM has already announced that it will invest $27 billion U.S. in electric and autonomous vehicles in the next five years, a 35% increase over plans made before the pandemic. The company will offer 30 all-electric models worldwide by the middle of the decade.
By the end of 2025, 40% of GM’s U.S. models will be battery electric vehicles. The company plans to include crossovers, SUVs, sedans and trucks in its electric vehicle lineup. GM also said that it will source 100% renewable energy to power its U.S. sites by 2030 and global sites by 2035. That's five years faster than its previously announced goal.
And, GM has also set itself the goal of making all new light-duty vehicles fully electric within 14 years. The company will concentrate on offering zero-emissions vehicles in different price ranges. It is also working with organizations such as the Environmental Defense Fund to build out the necessary infrastructure to power its electric vehicles and to promote their use.
Additionally, GM announced a new partnership with Microsoft (NASDAQ:MSFT) earlier this month with hopes of accelerating its rollout of electric, self-driving cars. GM scrapped its iconic square blue logo for a lower case "gm" surrounded by rounded corners and an "m" that looks like an electrical plug to highlight its focus on electric vehicles.
Earlier this week, U.S. President Joe Biden signed executive orders that include moving to an all-electric federal vehicle fleet. His goal is to transform the nation into a clean energy economy.
So far, investors have cheered GM’s electric vehicle push. The company’s shares this year have outpaced even high-flying Tesla (NASDAQ:TSLA), rising more than 20% to date.
