General Motors plans to expand electric vehicle portfolio by 2023

Now that it has become evident the future for the automotive industry is electric, auto companies are betting big on electrification. General Motors recently that it will have 20 all-electric vehicles to offer by 2023. As for near future, the biggest automobile company in the United States plans to introduce two electric cars in coming 18 months.

Known for its performance and sports utility vehicles, General Motors is also looking at a catalogue of battery-operated vehicles and hydrogen fuel-cell cars, which also run on electricity, stated a Bloomberg report. The profits from GM's SUV line-up will be reportedly used to fuel company's shift towards zero-emission vehicles.

Mirroring the global auto scenario, Indian car markets have also decided to go electric. Even though General Motors has already decided to close shop here, there is no dearth of players. Market leader Maruti Suzuki has planned to produce electric cars at its Gujarat plant for supplying both Indian and world markets. Another Indian auto giant, Tata Motors, bagged Rs 1120 crore bid to supply 10,000 electric cars that will replace the fossil fuel-driven government vehicles.

Mahindra and Mahindra, which has been present in the electric segment for long now, has disclosed plans to launch electric variants of its flagship SUVs Scorpio and XUV500. The Indian car maker has even signed an agreement with Ford Motors, of which electrification is a crucial aspect.

General Motors even showcased the upcoming version of its electrically powered sedan Volt, alongside other concept cars based on its Buick and Cadillac brands in Detroit yesterday. The event included a utility vehicle concept that uses fuel cells and two electric motors, named Silent Utility Rover Universal Superstructure or SURUS.

Why the shift

Quite recently, even leading car companies are now showing interest in electric vehicles. The Bloomberg report stated that there will be 50 new all-electric cars will make their way to the markets by 2022, with names like Volkswagen and Daimler jumping into the fray.

Apart from eco-friendly motives, changing emission norms across the world and electric vehicles being favoured by customers all-round have spurred companies to join the electric bandwagon. Transport Minister Nitin Gadkari had declared last month that an all-electric fleet will hit the roads by the end of 2017. He even went ahead to warn auto companies about moving to cleaner fuel options or face the music.

On the other hand, China is looking to bring down carbon emissions from vehicles by 2030, forcing car companies to bring new low-emission options to the biggest car market in Asia. With two bustling auto markets in the world planning to go electric, car makers are bound to expand their low-emission portfolio.

Challenges today

In Indian context, the lack of charging ports for plug-in electric cars often proves to be the deal breaker for buyers. The limited driving range offered by existing battery packs often makes drivers uneasy about buying an electric car.

Moreover, high costs of the lithium ion battery used to power all-electric vehicles drives up the price of the vehicle itself. Also it takes long durations to charge. These factors further restrict the popularity of electric vehicles.

With prices for lithium ion batteries coming down recently and companies trying to bring them further down, the prices are expected to stop being a hurdle in electric vehicles becoming commonplace. Lighter batteries being developed are expected to make the upcoming electric vehicles more efficient.