General Motors (GM) executives announced their plan to phase out gasoline-powered cars and turning to producing all-electric vehicles over the next 14 years. This is due in part to government incentives to cut taxes and support from consumers. The tax deduction measures for consumers who buy plug-in cars will also reduce their cost burden.
GM’s announcement of its commitment in manufacturing automobiles aligned with the ‘environment-friendly’ perception could attract investors to the sustainable Environmental Social Governance (ESG) concept. As a result, GM’s shares rose 4% on Thursday.
GM also aims to be a carbon-free organisation by 2040, which means it will eliminate carbon emissions from every step of its operations in addition to producing 100% electric vehicles. It remains as complex as utilities that might make the installation of a vehicle’s electrical distribution system inaccessible to some areas.
Plug-in cars and electric batteries are priceless, and GM has reaffirmed its commitment to producing plug-in vehicles in the future.