GM to Increase Electric, Autonomous Vehicle Investment to $35 Billion Through 2035
As the world of electric vehicles (EVs) and self-driving both heat up, one company has pledged to nearly double its investments into the field for the next few years.
In a press release on Wednesday, General Motors (GM) announced plans to increase its spending on electric and autonomous vehicles (AVs) to $35 billion through the year 2025. The figure signifies an increase of 75 percent from its initial commitment and is expected to push the company’s EV strategy forward.
After announcing its Ultium EV platform, on which GM plans to release several EVs in the years to come, the company also shared plans for its Cruise self-driving system – both of which will be the main beneficiaries of the new investment.
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GM Chair and CEO Mary Barra said, “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.”
Barra continued, “GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.”
Earlier this year, GM announced plans to invest $1 billion into an EV plant in Mexico, a move which was later criticized as a “slap in the face” by a leader of the United Auto Workers (UAW) union. The company also partnered with LG to produce a second battery EV plant for $2.3 billion.