GM CEO Dan Akerson announced that subsidiary Envia Systems has made progress on the development of a battery that could allow an electric car to go up to 200 miles on a single charge. The company believes that such an advance could happen within the next four years, and become a game changer in the electric car business.
While still in its relative infancy, competition is fierce between electric cars, such as Chevrolet's Volt and the Nissan Volt. Toyota (NYSE:TM) has begun to manufacture a plug in hybrid based on its popular Prius model, but the car only goes 11 miles in all electric mode. Tesla Motors does have a model that can go 300 miles on a single charge, but the batteries are large, heavy, and expensive.
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Launch related slideshow:
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Tuesday 7/22 Insider Buying Report: AA, GRX
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Nasdaq 100 Movers: XLNX, ISRG
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S&P 500 Analyst Moves: EIX
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