GM to Build More Electric Vechiles

  • General Motors outlined a plan to have 20 new electric vehicles in production by 2023
  • The electric vehicles will not be profitable to start, thus will be funded by the profitability from gasoline powered SUVs
  • The profitability from other legacy business lines is a necessity as Tesla has burnt through $10 billion of cash to pursue electric vehicles
  • This comes at a time when China and some European countries have proposed the idea of banning internal combustion engines