GM to Boost EV and AV Investments to $US35 Billion
General Motors (GM) is to increase its electric vehicle (EV) and autonomous vehicles (AV) investments from 2020 through 2025 to $US35 billion ($AU46 billion), representing a 75 per cent increase from its initial commitment announced prior to the COVID-19 pandemic.
The company says it is looking to become the market leader in EVs in North America; the global leader in battery and fuel cell technology through its Ultium battery platform and HYDROTEC fuel cells; and through self-driving car company Cruise, be the first to safely commercialise self-driving technology at scale.
GM announced in March 2020 that it would invest $US20 billion ($AU26 billion) from 2020 through 2025, including capital, engineering expenses and other development costs, to accelerate its transition to EVs and AVs. In November 2020, the company increased its planned investment over the same period to $US27 billion ($AU35.5 billion).
GM’s additional investments and new collaborations include plans to build two new battery cell manufacturing plants in the U.S. to complement the two plants currently under construction; commercialising its Ultium batteries and HYDROTEC fuel cells; expanding and accelerating the rollout of EVs for retail and fleet customers; and safely deploying self-driving technology at scale.
“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,” said GM Chair and CEO Mary Barra. “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.
“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.”
22 July 2021