DETROIT (AP) — General Motors says a pending breakthrough in battery chemistry will cut the price of its electric vehicles so they equal those powered by gasoline within five years.
The technology also will increase the range per charge to as high as 450 miles.
The company’s product development chief promised a small electric SUV that will cost under $30,000 and pledged to roll out 30 battery-powered models worldwide by 2025.
Nearly all current electric vehicles cost more than $30,000.
The announcement illustrates how fast electric vehicle technology is moving and shows that it may become the primary fuel for transportation faster than expected.