How GM Plans To Bury Tesla With Onslaught Of Electric Vehicles

General Motors says its new family of electric vehicles will be 30 percent cheaper to build than the current Chevrolet Bolt EV, thanks to battery breakthroughs and other engineering feats that will add to the carmaker’s bottom line, even as it continues to rake in profits from trucks, crossovers and SUVs.

GM’s new modular EV platform, launching in 2021, will be the basis for at least 20 new battery-powered vehicles by 2023, and will be flexible enough to accommodate nine different body styles in multiple sizes, segments and brands in the U.S., China and elsewhere, CEO Mary Barra told an investor conference Wednesday.

In the meantime, GM will continue to build on the Bolt platform, introducing three new electric vehicles by 2020 that will share components with the battery-operated hatchback. Two of them will be crossovers, a fast-growing segment.