GM Joins Growing List of Carmakers Going Electric

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GM finished 2016 as the world's third-largest auto-seller, breaking previous company records with 10 million vehicles sold, according to the company's news release.

As GM commits to electric innovation, the company will compete with an increasingly crowded marketplace.

The automaker said arriving at a "zero emissions future" will require a two-pronged approach - battery electric and hydrogen fuel cell electric depending vehicles.

"General Motors believes in an all-electric future", said Mark Reuss, GM executive vice president of Product Development, Purchasing and Supply Chain.

GM has previously announced plans to make some of its future electric vehicles capable of driving themselves in robot taxi fleets. Some, such as Volvo, intend to only offer electrified drivelines, others, such as Volkswagen, say they will have electrified options available on all future models.

Most foreign vehicle majors are not ready to bring their electric offerings to India.

GM has a short-term plan to introduce two all-electric vehicle in the next year and a half.

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Detroit automaker General Motors Co outlined plans on Monday to add 20 new battery electric and fuel cell vehicles to its global lineup by 2023, financed by robust profits from sales of gasoline-fueled trucks and sport utility vehicles in the United States and China.

GM shares were up 4%, to $42, though most of those gains came ahead of the news.

In a push to produce cars powered by batteries or fuel cells, General Motors on Monday laid out a strategy to vastly expand the number of electric models in the marketplace.

As if to illustrate the point, GM showed a fuel-cell concept vehicle built on a heavy-duty truck frame - sized for vehicles like a delivery van, a truck, or an ambulance, GM said. 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.

Automakers, including electric vehicle market leader Tesla Inc, lose money on electric cars because battery costs are still higher than comparable internal combustion engines. But while it has not set out a timeline, GM intends to go to 100% pure electric across the board, officials said.

USA rival Ford Motor Co. The Motley Fool has no position in any of the stocks mentioned.