Story at a glance
- The carmaker announced plans to accelerate its transition to electric vehicles.
- Included in the investment increase are plans to build two battery factories in the U.S. over the years, in addition to the Ultium cell plants currently being built in Tennessee and Ohio.
- “x,” General Motors Chair and CEO Mary Barra said.
General Motors (GM) is boosting investments in electric and autonomous vehicles as the carmaker is aiming to position itself as a leading EV manufacturer in North America.
GM announced Wednesday it will spend $35 billion on electric and autonomous vehicles through 2025, an increase of 75 percent from its commitment prior to the COVID-19 pandemic.
“We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,” General Motors Chair and CEO Mary Barra said in a statement.
“There is a strong and growing conviction among our employees, customers, dealers, suppliers, unions and investors, as well as policymakers, that electric vehicles and self-driving technology are the keys to a cleaner, safer world for all,” Barra said.
Included in the investment increase are plans to build two battery factories in the U.S. over the years, in addition to the Ultium cell plants currently being built in Tennessee and Ohio. Details about where the plants will be located will be released at a later date.
The funds will also go toward expanding and accelerating the rollout of electric vehicles for customers. GM last year said it would deliver 30 new EV models around the world by 2025, with more than two-thirds made available in North America.
The company said earlier this year it plans to end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035.
The announcement this week comes as Ford recently showcased an electric version of its F-150 pickup truck. Ford recently said it expects to spend $30 billion on electric cars and trucks by 2025.
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