General Motors (GM) plans on going beyond manufacturing a fleet of electric cars, according to an announcement Wednesday regarding electrification component sets, which are capable of converting most old gasoline-powered automobiles into new-age electric vehicles (EV).
The technology will be used for EV conversion projects and GM expects to target a group of diverse commercial clients and enable them to meet their sustainability targets. Electrification components will open up new business avenues and the company estimates a market growth of $20 billion by 2030 with the increasing demand for zero-emissions technology.
