General Motors will increase its investment into electric and autonomous vehicles by 30 per cent through 2025, according to a new report.
Citing sources with knowledge of the matter, Reuters says that the car manufacturer will spend $35 billion on electric and autonomous vehicles through 2025. General Motors originally announced an investment of $20 billion into electric and autonomous vehicles until 2025 in March 2020 prior to the coronavirus pandemic spreading across the globe. In November 2020, it announced an increase to this investment to the tune of $27 billion.
Reports of GM increasing its investment into electric and autonomous vehicles comes just a few weeks after Ford announced that it will invest $30 billion into EVs by 2030.
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As part of its investment, General Motors will build two new battery factories in the United States. Details, including locations, of these facilities remain unclear but they will join two battery plants already being built through GM’s joint venture with LG Chem. It is understood that GM will invest about $2 billion into each of the new battery plants.
General Motors intends on offering 30 electric models globally by 2025 and wants to exceed annual sales of 1 million EVs in the United States and China by the same year.
Reuters adds that GM chief executive Mary Barra will meet with U.S. House Speaker Nancy Pelosi and other key Democrats this week to discuss electric vehicles and vehicle emissions. The automaker has thrown its support behind President Biden’s proposed $174 billion bill to boost EVs and charging as part of a broad infrastructure plan.
