General Motors is making a serious play for the future of electric cars. The company announced this week that it’s planning for a time when all of its new vehicles will be fully electric, riding a growing wave of electric fever, driven so far by car makers like Tesla and Volkswagen, and even the home-appliance company Dyson.
The move makes sense as more and more countries around the globe—from France to China, Sweden, the Netherlands, and beyond—are planning to ban or dramatically reduce vehicles powered by fossil fuels.
“General Motors believes the future is all-electric,” said Mark Reuss, the company’s head of product. “We are far along in our plan to lead the way to that future world.”
GM is one of the largest carmakers on earth, selling 3 million cars in the U.S. last year and even more—3.6 million—in China. While the company hasn’t put a year to the arrival of their all-electric dream, GM previously unveiled plans for two new electric cars in 2018, and at least 18 more electric vehicles by 2023.
Currently, GM’s all-electric models produce a financial loss for the company. Each Chevy Bolt—the 200-mile, $30,000 electric car released in 2015—sold by GM loses the company $9,000, according to one report. But the car manufacturer expects that advances in battery technology, as well as better motors and lighter vehicles, will eventually put them in the green.