General Motors (GM) plans to transition its entire light-duty vehicle fleet to electric vehicles (EVs) by 2035, bringing an end to its production of gasoline- and diesel-powered vehicles. The automaker aims to go carbon neutral by 2040.
A GM spokesperson told Fastmarkets that the company has set a goal to exclusively produce EVs in its light-duty fleet and discontinue producing internal combustion engine vehicles by 2035. Its light-duty vehicle fleet makes up 95% of its portfolio.
Heavy-duty vehicles - the remaining 5% of its portfolio - will go electric by 2040, the spokesperson said.
GM will launch 30 EV models "by mid-decade", while 40% of its US models will be EVs by 2026.
GM is also committing to invest a total of $27 billion in electric and autonomous vehicles over the next five years. The company will use some of this investment to develop its Ultium battery technology and to upgrade its plants, including the Factory Zero assembly plant in the US state of Michigan and the Spring Hill assembly plant in the US state of Tennessee.
In the months ahead of the company's announcement on Thursday January...