General Motors (GM) is determined to put the accelerator in the production of electric and autonomous vehicles to remain at the forefront alongside automakers that have big plans in the construction of cars with these technologies.
The company is racing to catch up with the leader in electric vehicles, Tesla, and it wants a leadership position against other well-established automakers like Volkswagen.
GM plans to sell more than 1 million electric vehicles a year by 2025 and to do so will increase investment in electric and autonomous vehicles to $ 35 billion by that date, a 30% increase over plans announced late last year.
The United States’ largest assembler explained that the additional money will be used to expand its launch of electric vehicles and accelerate the production of its battery and fuel cell technologies, including two new battery plants in the country, in addition to two under construction. , by 2025.
Mary Barra, CEO of GM, told CNBC “Squawk on the Street”: “There are several engines of growth at General Motors, and we are going to continue to advance and accelerate them as we’re doing it today by announcing a faster turn to electric vehicles”.
“Overall, we are seeing exceptionally strong reactions and a positive response to all of our electric vehicles,” said the executive.
The announcement of GM’s investment increase comes a few weeks after Ford Motor Company increased its spending on electric vehicles to more than $ 30 billion by 2025. Although Ford’s investments date from 2016, while those of GM contemplate 2020 to 2025.
The decision also coincides with the announcement last weekend in which the G-7 nations, made up of the United States, Japan, Germany, the United Kingdom, France, Italy and Canada, agreed among other commitments the progressive elimination of gasoline and diesel cars to reduce carbon emissions on the planet.
GM had previously announced that it would launch 30 new electric vehicles by 2025. The company said Wednesday it will join those plans, but did not provide further details.
GM’s announcement to expand its range and technology of electric and autonomous vehicles has been welcomed by Wall Street, as its shares rose as much as 4% during trading Wednesday at about $ 63 a share.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.