General Motors increases investment in electric cars by 30% to $ 35 billion by 2025

General Motors again increased its investments in electric and autonomous vehicles, announcing on Wednesday that it would increase planned spending by 30% to $ 35 billion (40.6 billion euros) through 2025 as it unveils new models and strengthens its capabilities.

The major US automaker cited strong consumer reception of its early electric vehicle (EV) models and beneficial public policies as factors that give it confidence in the investment. The push includes the construction of two additional battery cell factories in addition to the two factories currently under construction.

“GM is targeting annual global electric vehicle sales of over 1 million by 2025, and we are increasing our investment to scale faster as we see momentum building in the United States for electrification, as well as customer demand for our product portfolio, ”said the general manager. Marie Barra.

GM targets annual global electric vehicle sales of over 1 million by 2025– General Motors CEO Mary Barra

The announcement is the latest in a series of moves GM has taken since President Joe Biden was elected in November, who has championed electric cars as part of the climate change mitigation strategy. Shortly after the election, GM had increased its spending on electric vehicles and autonomous vehicle technology by $ 7 billion, from $ 20 billion. Also in November, the company withdrew from a challenge to California’s fuel economy rules backed by the administration of former President Donald Trump, and said in January it aimed to eliminate emissions exhaust of new light vehicles by 2035.

The automaker announced in April that it was building a $ 2.3 billion battery cell plant with LG in Tennessee, similar to the one currently under construction in Ohio. Details on the two additional battery cell factories will be announced later, GM said.

Independent journalism costs money. Times of Malta support for the price of a coffee.

Support us