General Motors targets 20 all-electric models by 2023

General Motors announced plans Monday to launch 20 all-electric cars by 2023, part of a long-term push to an "all-electric" fleet as governments globally embrace fuel efficiency.

The biggest US automaker said it will introduce within 18 months two new models built on the learnings of the all-electric Chevrolet Bolt, which was launched in December 2016.

"General Motors believes in an all-electric future," said General Motors executive vice president Mark Reuss. 

"Although that future won't happen overnight, GM is committed to driving increased usage and acceptance of electric vehicles through no-compromise solutions that meet our customers' needs."

The Bolt, the first all-electric vehicle aimed at the middle market, now faces competition from Tesla's Model 3, which has won admiration among many environmentalists and car aficionados as a leader in new car technologies.

Car companies are investing heavily in all-electric vehicles as officials from China to Europe emphasize the need for more energy-efficient vehicles, even as today's fleet remains overwhelmingly populated with conventional autos.

Officials from Britain and France are among those who have said they plan to block sales of diesel or gasoline-fueled cars in 2040, while Norway has set a 2025 deadline.

China has set a target that at least 12 percent of cars must be hybrid or electric by 2020.

GM got a boost Monday from Deutsche Bank, which upgraded the company's stock to "buy" and said it enjoys an advantage over competitors in "autonomous and new mobility models." 

GM shares jumped 4.5 percent to $42.19 in afternoon trading.