General Motors will stop producing vehicles that run on gasoline or diesel fuel over the next 14 years, CEO Mary Barra announced Thursday.
Barra also promised the company would be net carbon-neutral by 2040, reducing the greenhouse gas pollution it produces and purchasing carbon offsets to make up for existing emissions.
The announcement, made on LinkedIn, puts a timeline onto GM’s previously announced commitment to electric vehicles. Barra had often stated that the company, the U.S.’ largest automaker was “all in” on an electric-vehicle future.
“For General Motors, our most significant carbon impact comes from tailpipe emissions of the vehicles that we sell – in our case, it’s 75 percent. That is why it is so important that we accelerate toward a future in which every vehicle we sell is a zero-emissions vehicle,” Barra wrote.
Gasoline- or diesel-burning vehicles today make up 98% of GM’s sales and all of its profit, the Wall Street Journal reported.
As part of the pivot, the company will offer 30 electric vehicle models for sale by 2025, and will spend $27 billion on what’s called the EV market over the next four to five years, Wedbush analysts wrote in a note.
GM’s stock jumped 4% following the announcement.
This is a developing story.
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