“The company believes the future is electric, with billions (of dollars) of investment to support an all-in-house approach to the development and manufacturing of electrified vehicles,” GM said in its annual sustainability report.
GM currently has about 180,000 vehicles on the road with some form of electrification. That figure pales in comparison to the 235,000 full-size pickup trucks the company has delivered during just the first four months of 2015. Still, GM says it is committed to going green.
“GM will take a leading role in the auto industry’s transformation as it undergoes an unprecedented period of change,” said Bob Ferguson, GM senior vice president for global public policy, said in the report.
GM’s electric charge will begin later this year when it introduces the second-generation of its Chevrolet Volt. A hybrid version of the new Malibu is also on the way. In 2016 the company will launch its all-electric Chevy Bolt with a range of 200 miles.
Despite those new models, GM concedes it will miss its goal of having 500,000 electrified vehicles on the road by 2017.
Although GM is planning more electric and hybrid vehicles, the company isn’t giving up on its highly profitable trucks and SUVs any time soon. In fact, GM recently announced that it will spend $1.2 billion on its full-size SUV plant in Arlington, Texas.
GM doesn’t break down profitability by model line, but it is believed that the company is losing money on every electrified vehicle it sells while trucks and SUVs make up the lion’s share of its profits. Because of that fact, gas guzzlers aren’t in danger of being phased out by EVs any time soon.
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