Profit vs. the Planet: Here's Why US Automakers Are All-In on Electric Vehicles

pcmag.com:

"And today, I’m pleased to announce..."

Steve Majoros, director of marketing for Chevrolet, paused to build suspense at the Detroit Auto Show last week, before raising his voice and proceeding with sportscaster-like enthusiasm. "The all-new electric Equinox, Silverado, and Blazer."

Just a few hours earlier, Jeep debuted the latest editions to its electric lineup by driving them over a 23-foot steel mountain before parking on stage.

But the buzz inside the 723,000-square-foot convention center in downtown Detroit didn’t match the reality on the streets outside. The roads were teeming with gas-powered vehicles taking their drivers throughout the day.

Still, the automotive industry is clearly on a path toward electrification. It’s a complicated, politically sensitive subject. Change is uncomfortable—especially with evolving concerns such as limited charging infrastructure, restrictive range, and big price tags.

To begin to explain such rapid evolution, let’s examine the companies actually making the cars. 

Under CEO Mary Barra’s “zero crashes, zero emissions, zero congestion” strategy, all General Motors brands (Cadillac, Buick, Chevrolet, GMC) are set to be fully electrified by 2035(Opens in a new window)—the same year California(Opens in a new window) is set to ban gas-powered cars. Cadillac and Buick are first up, by 2030. Last month, Jeep announced its intention to become the world’s leading electric SUV brand. 

Depending on the number of EVs driving around your neighborhood, these goals may seem like  an out-of-touch pipe dream or a lame attempt to catch up to the world Tesla is already living in. But there are a number of reasons why car companies have rallied around an electric future.

Car companies are businesses,