General Motors Company GM announced Thursday that it plans eliminating all gas- and diesel-powered cars from its lineup by 2035, shifting to electric vehicles.
National Focus On Emissions: This announcement by the country's largest automaker, commanding a 17% market share, comes just days after BlackRock, Inc. BLK CEO Larry Fink pushed for stronger ESG-friendly business models from the world's largest companies.
See also: How to Buy Electric Vehicle (EV) Stocks
The goal from GM is to become completely carbon neutral by 2040.
President Joe Biden signed into action a series of executive orders Wednesday prioritizing climate change initiatives across multiple levels of government in order to put the United States on track to help curb carbon emissions.
GM's Electric Shift: GM also announced that it would be using 100% renewable energy in 100% to power its U.S. facilities by 2030, and by 2035 globally.
GM's Chief Sustainability Officer Dane Parker said that the company plans on remaining profitable during its transition from traditional internal combustion engine vehicles to electric vehicles.
"We feel this is going to be a successful business model of the future," he said.
GM plans on releasing 30 new electric vehicles globally by 2025. GM also announced that a majority, if not all, of Cadillacs and SUVs sold globally will be electric by 2030.
GM has been vocal about its "Ultium" battery cell technology, which can be stacked either horizontally or vertically inside the battery pack.
General Motors said the new batteries will have a range of upwards of 400 miles in one charge, outpacing expectations for Tesla's Model 3.
GM Price Action: GM shares were trading 4.15% higher to $51.39 at last check Thursday.
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