General Motors, not Tesla or Nissan, will be the first to profit on electric car, predicts a top-level GM exec.

"We know the customers would like to drive electric but are unwilling to pay, and that's why we're going to be the first company to (produce) electric vehicles that people can afford at a profit," states Mark Reuss, GM's executive vice president for product development.

According to Reuss, General Motors is in the lead among automakers in regards to driving down electric vehicle costs.

Chevrolet Volt

Chevrolet Volt

Additionally, engineers are hard at work to remove mass and increase battery efficiency in GM's plug-in offerings.

The goal is to cut costs so that the public can afford these long-range electric cars like the Chevrolet Bolt. Quoting Reuss:

"That's the mantra inside product development. That's what all our engineers are all working toward."

Separately, we've heard news from South Korea, where the Bolt was developed and designed, that an engineering team is actively working on the Bolt with the sole focus on driving down costs so that the vehicle is more affordable to the general public. If a significant price cut is realized (the Bolt currently retails for $37,495 and up), then surely Bolt sales would rise.

Bolt demand is already incredibly strong in Norway (Opel Ampera-E) and in South Korea, where the Bolt sold out in a matter of minutes.

General Motors notes that Chinese production (and sales) of electric vehicles like the Buick Velite 5 will surely help the automaker in reducing battery cells costs.

The automaker adds that by deploying fleets of electric cars, like the autonomous Bolts, economies of scale are realized, thus further reducing costs.

Of course, no individual outside of General Motors has access to these cost/profits figures for individual vehicles, so we'll just have to take (or not) GM's word on this one.

Source: France 24