GM: Battery Cars Not Price-Competitive Until 2016
Under questioning from Rep. Bill Foster (D-Ill.) during the House Financial Services grilling of the Big Three automakers underway on the Hill, GM chief executive Rick Wagoner said it probably will be another eight to nine years before his company's plug-in electric cars will be equal in price to gas-powered vehicles.
GM plans to roll out its electric Chevy Volt in 2010, but said it "will not be fully cost-competitive," meaning the Volt will cost a lot more than gasoline-powered cars.
Though GM says it has not priced the Volt, it is expected by autos analysts to cost about $40,000.
Wagoner said he expected it would take "two generations" of Volts or Volt-like GM cars for their price to come down far enough so that car buyers would consider one instead of a gasoline-fueled car.
"A target would be '16 or '17 to be completely cost-competitive," Wagoner said.
December 5, 2008; 2:17 PM ET
Categories: The Ticker | Tags: GM, General Motors, Rick Wagoner, automakers, bailout
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