“General Motors wants to end production of all diesel- and gasoline-powered cars, trucks and SUVs by 2035 and shift its entire new fleet to electric vehicles as part of a broader plan to become carbon neutral by 2040, the company said Thursday.
The company plans to use 100% renewable energy to power its U.S. facilities by 2030 and global facilities by 2035 — five years ahead of a previously announced goal.
Shares of GM increased as much as 7.4% during intraday trading Thursday morning to $53 a share. As of midday Thursday, shares were up about 4%. GM has a market cap of about $73 billion.
For several years, GM has touted a guiding ‘triple zero vision,’ including a future with zero emissions through electric vehicles, but it never announced a time frame. The other goals include zero congestion and zero crashes through advanced safety technologies and self-driving vehicles.
‘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,’ GM CEO Mary Barra said in message on LinkedIn. ‘That is why it is so important that we accelerate toward a future in which every vehicle we sell is a zero-emissions vehicle.’
The company characterized its 2035 EV goal as an ‘aspiration,’ citing regulations, infrastructure and other factors need to come together for the plan to be achieved. David Friedman, vice president of advocacy at Consumer Reports, criticized the automaker’s lack of commitment to the goal.