General Motors Unveils $20 Billion Electric Vehicle Expansion Plan

General Motors unveils its plan of more than $20 billion to charge up its electric and autonomous vehicle production.
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General Motors (GM) - Get Report unveiled its more than $20 billion plan Wednesday to charge up production of electric and autonomous vehicles as the automaker shifts gears toward "an all-electric future." 

The company hosted a presentation at its Detroit-area engineering center, detailing its electric vehicle platform that is powered by proprietary "Ultium" batteries.

Shares were up 1.7% to $31.01.

Ultium energy options range from 50 to 200 killowatt-hours, GM said, and will allow cars  to travel up to 400 miles or more on a full charge and go from 0 to 60 mph in as little as three seconds.

Chevrolet, Cadillac, GMC and Buick will launch new electric vehicles starting this year. The next new Chevrolet EV will be a new version of the Bolt EV, launching in late 2020, GM said, followed by the 2022 Bolt EUV in the summer of 2021.

GM also plans on launching a new Chevy midsize SUV,  several Cadillac models, two new Hummer models, a pickup truck and an SUV.

The first generation of GM’s future EV program will be profitable, the company said.

GM said its technology can be scaled to meet customer demand much higher than the more than 1 million global sales the company expects by the middle of the decade.

GM was the first major car company to put an all-electric car on the market in
the 1990s. Tesla  (TSLA) - Get Report is the No. 1 seller of electric vehicles in the U.S.

“Our team accepted the challenge to transform product development at GM and position our company for an all-electric future,” Mary Barra, GM chairman and CEO, said in a statement.