GM bets big on electric, says it will sell only zero-emission vehicles by 2035
General Motors — the maker of the Hummer, the company that "killed the electric car" two decades ago — announced Thursday that it will phase out gas- and diesel-powered cars and trucks by 2035 and sell only zero-emission vehicles. Three-quarters of GM's carbon output comes from the tailpipes of the cars, trucks, and SUVs it sells, and going electric is the cornerstone of its other ambitious plan announced Thursday, to be a completely zero-emission company by 2040.
This is "a seismic shift by one of the world's largest automakers that makes billions of dollars today from gas-guzzling pickup trucks and sport utility vehicles," The New York Times reports. But auto industry analysts said it's a smart bet. GM's shares rose more than 3.5 percent on the news.
"The future of mobility is electric. Tesla set the pace but others are getting into the game," Andrew Hoffman, professor of sustainable enterprise at University of Michigan's Ross School of Business, tells USA Today. "Ford has notably made a serious play in electrics, VW had a false start. GM has to be in this to be viable going forward."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
GM and its CEO, Mary Barra, are hanging their strategy on a new Ultium battery GM is developing in-house and plans to manufacture in the Midwest and South. But the company also said its aspirations for an all-electric fleet within 15 years are tied in part to government incentives for consumers and charging infrastructure. President Biden this week directed the federal government to tighten fuel-economy standards and purchase only electric vehicles, and he's pushing spending legislation that aims to build half a million charging stations and offer rebates and other incentives for buying electric vehicles.
"'Aspire' is a great word because it helps us work toward our vision," said Dane Parker, GM's chief sustainability officer. "We're taking action to have our vehicles be zero-emission by 2035. This is going to take the effort of a lot of people and a lot of governments to get there. So we have a vision, we have a plan, and we're taking action today to get there."
GM plans to release its all-electric GMC Hummer truck this year, at a cost of about $113,000. Its only other significant electric vehicle in the U.S. market is the small Bolt.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Today's political cartoons - April 20, 2024
Cartoons Saturday's cartoons - papal ideas, high-powered debates, and more
By The Week US Published
-
5 sleeper hit cartoons about Trump's struggles to stay awake in court
Cartoons Artists take on courtroom tranquility, war on wokeness, and more
By The Week US Published
-
The true story of Feud: Capote vs. The Swans
In depth The writer's fall from grace with his high-flying socialite friends in 1960s Manhattan is captured in a new Disney+ series
By Adrienne Wyper, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published