GM Says Its EVs Will Cost The Same As Its ICE-Powered Models

There may be a growing number of car manufacturers venturing into the world of electric vehicles, but turning consistent profits while building such vehicles isn’t easy, as Tesla can attest to. General Motors thinks it can do things different.

The car manufacturer is embarking on an ambitious plan to sell 20 electric models globally by 2023, and GM president Mark Reuss believes EVs will soon have the same price as conventional gas- and diesel-powered vehicles.

“We’re going to reach parity a lot sooner than people think,” he said. “(ICE) compliance will become expensive. All these things and more will lead to greater consumer acceptance of EVs, plus they are going to be great cars.”

Also Read: Chevrolet Doesn’t Drop Bolt’s Prices Despite Federal Tax Credit Cut In Half

Reuss says the company is driving down the costs of batteries and cars and will eventually start making money by selling EVs, Bloomberg reports.

No company knows better than Tesla about how hard it is to make money selling electric vehicles in this day and age. The Californian company has recorded a few profitable quarters in recent years, but its performance has been patchy – at best. Its Model S and Model X are also luxury vehicles, and thus priced way higher what most EVs from GM are expected to cost.

Bloomberg notes that the average price of a new vehicle today in the United States is about $37,000, which is on par with the sticker price of the all-electric Chevrolet Bolt. Still, right now GM loses thousands of dollars on each Bolt it sells, so this is not a fair comparison. A basic ICE-powered hatchback or sedan similar in size to the Bolt can be purchased for under $20,000, showing that there is still some way to go before parity is met.

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  • Paul

    They should cost less. Besides I think Reuss is dreaming.

  • Jim Jones ©

    If they can achieve that the market has changed forever.

  • Dude

    The VW ID.3 will start around the same price so I’m not surprised

  • Mr. EP9

    We’ll see once they go on sale, won’t we GM?

  • brn

    The average price of a vehicle is $37K? I’m out of touch. Never paid anywhere near that much for any vehicle.

    Otherwise, bring it on! We’ve two vehicles. My sedan has 100K on it and I’l replace it in about four years. An EV would be just fine. We’ll keep the SUV (20K on the odo) for trips.

  • Alduin

    Ford has GM and FCA beat on hybrid and electric car technology. Older escape hybrids especially being used as taxis could easily go 400,000 miles before cells had to be replaced. They were so good and reliable that the Camry hybrids had to have cells replaced alot sooner.

  • Sovereignty

    But will they be any good? Mary Barra saying Sí?

  • EyalN

    if GM are losing money on each bolt that they are selling. how much Tesla are losing on each car that they are selling?
    GM are taking parts off the shelf and adding electric motor to it. Tesla are buiding everything new

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