• by Thom Forbes , October 3, 2017

It may be time to unload that chain of gas stations you invested in when Oldsmobile and Pontiacs roamed the highways and byways. General Motors said yesterday that it would produce at least 20 new electric vehicles worldwide by 2023 en route to eliminating the internal combustion engine completely at some unspecified point.

“Electric vehicles powered either by batteries or hydrogen fuel cells will ultimately represent GM's entire global lineup, Mark Reuss, product development chief, said Monday,” reports Nathan Bomey for USA Today.

“General Motors will move humanity forward in the future with all-electric propulsion,” Reuss tells Bomey. “Because General Motors believes the future is all electric, these aren’t just words in a war of press releases.”

But it issued a press release about the plans anyway, as well as conducting a media event in the design dome at its technical campus in Warren, Mich.

“The first two EVs will be launched in the next 18 months, GM said, and will be based off learnings from the Chevrolet Bolt EV, which went on sale about 10 months ago. Although GM would not provide details about the upcoming models, it showed reporters three different concepts: a sporty crossover, a larger wagon or SUV and a tall, boxy pod car that looked like a people-mover for cities. The three models were among nine vehicles that were covered with drapes,” reports Joann Muller for Forbes.

“GM’s foray into the electric marketplace has already resulted in resounding success, with the Chevrolet Bolt being named Motor Trend’s 2017 Car of the Year and the 2017 North American Car of the Year. The Bolt boasts a 240-mile battery range on a single charge and costs $37,500 before tax incentives,” reports Peter Holley for the Washington Post.

“GM’s announcement came a day before a long-scheduled investor presentation by Ford Motor that was also expected to emphasize electric models. After the GM news emerged, Ford let loose with its own announcement, saying it would add 13 electrified models over the next several years, with a five-year investment of $4.5 billion,” report Bill Vlasic and Neal E. Boudette for the New York Times.

“The automakers are investing billions of dollars in electric vehicles despite challenges turning a profit on them due to expensive technology costs that increase vehicle prices, and tepid consumer demand. GM and Ford are currently minting profits in the U.S. with fuel-thirsty pickup trucks and sport-utility vehicles that consumers find enticing amid low gasoline prices,” Mike Colias points out in the Wall Street Journal.

In another WSJ story out of Shanghai, Trefor Moss tells us that the situation is much different in China, which “has created the world’s largest electric-car market by sheer force of will, a giant bet on domestic production that’s leaving major foreign automakers scrambling to keep up.”

Indeed, “this latest event by GM regarding ‘all electric’ is further proof of a rapidly changing industry, whether the consumer wants it or not,” Kelley Blue Book analyst Rebecca Lindland tells the Los Angeles Times’ Charles Fleming and Russ Mitchell.

“If the consumer doesn’t want it, at least not to date, who does?” they ask. “China, India, France, the United Kingdom and California. All are reviewing plans to severely limit or ban regular gas and diesel engines between 2030 and 2040. Although details are scarce, automakers need to get ready,” they respond to their question.

Meanwhile, would it surprise you to hear that Tesla is having “production bottlenecks” with its mass-market Model 3, which first rolled off the line in July? It had hoped to turn out 1,500 in the third quarter. “The actual number it built? 260, or 83% less than promised,” writes Chris Isidore for CNN Tech.

“It is important to emphasize that there are no fundamental issues with the Model 3 or the supply chain,” Tesla claims in a statement. “We understand what needs to be fixed and we are confident of addressing the manufacturing bottleneck issues in the near-term.”

And, to be fair, demand is high for the Model 3 despite zero marketing.

“Making cars is not an easy business, and they're finding that out,” Autotrader analyst Michelle Krebs tells Isidore.

Welcome to the free-enterprise freeway, where the gas-guzzling Plymouths and Hummers used to play.