Shares of General Motors (NYSE:GM) jumped on Monday, after the Detroit auto giant announced that it had an expanded electric-vehicle development program well underway. GM said that it will launch at least 20 all-electric vehicles by 2023, with the first two coming soon.
As of 3 pm EDT, GM's shares were trading at $42.19, up about 4.5% from Friday's close.
Recent announcements of major electric-vehicle programs at several of GM's big global rivals, most notably Volkswagen AG, had left investors wondering: How and when would GM follow up its well-regarded Chevrolet Bolt EV?
GM answered those questions on Monday. It said that it will launch at least 20 new all-electric vehicles by 2023, with the first two going into production within 18 months. Those first two vehicles will be battery-electric models, powered by a new drive system engineered with lessons learned from the Bolt. Along with the new models, GM executives said that the company will soon announce an effort to expand the number of fast-charging stations available to its customers.
In a statement, GM global product chief Mark Reuss emphasized that GM is "committed" to working to increase usage and acceptance of electric vehicles, and that the company expects that its entire product lineup will eventually be all-electric.
GM showed us the broad plan on Monday, but -- aside from a few hints -- it was short on specific details on the upcoming all-electric models. With several major auto shows coming up in the next few months, including the important Los Angeles, Detroit, and Geneva shows, I expect more details to be revealed before long.