GM: New batteries cut electric car costs, increase range

The automaker says battery powered cars will be cost competitive in five years

FILE - In this Feb. 13, 2020 file photo a 2020 Chevrolet Bolt EV is displayed at the 2020... — FILE - In this Feb. 13, 2020 file photo a 2020 Chevrolet Bolt EV is displayed at the 2020 Pittsburgh International Auto Show in Pittsburgh. The U.S. government’s road safety agency is investigating complaints that the Chevrolet Bolt electric vehicle can catch fire. The probe by the National Highway Traffic Safety Administration covers nearly 78,000 Bolts made by General Motors from the 2017 through 2020 model years.(AP Photo/Gene J. Puskar, File)

Published: Nov. 20, 2020 at 2:56 PM EST

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.