GM says next-gen electric cars will cost less, go farther

The company has promised to roll out 20 new zero-emissions vehicles by 2023

General Motors is telling investors its next generation of electric vehicles will cost the company 30% less than current ones, making them profitable after the new version debuts in 2021.

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CEO Mary Barra made the forecast at an investor conference Wednesday. She expects to cut battery cell cost from $145 per kilowatt hour of electricity to under $100, yet produce a range of over 300 miles. The company also plans to reduce manufacturing costs and gain sales as electric vehicle demand rises worldwide.

GM has pledged to roll out 20 new zero-emissions vehicles by 2023 with two new ones coming in 18 months. Currently most automakers lose money on electric vehicles.

Barra says GM generates enough capital to finance electric and autonomous vehicle research as well as traditional vehicles.

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Transcontinental Media G.P.