Long story short: General Motors will increase their spending on Electric Vehicles by 35 Billion by 2025. General Motors is also working on two new energy plants
General Motors ($GM) said that it will increase their spending on electric and autonomous vehicles to $35 billion through 2025. This would be a 30% increase from plans announced late last year.
The additional money will be used to expand its rollout of EVs and accelerate production of its battery and fuel cell technologies. This includes two new U.S. battery plants in addition to two under construction by 2025. As we can see General Motors is serious about going electric. We welcome this move!
America’s largest automaker is racing to catch up to the current electric vehicle leader Tesla. Besides that General Motors is also competing with companies like Volkswagen which also has a strong lineup when it comes to electric behicles. General Motors plans to sell more than 1 million EVs annually by 2025
“There are several growth engines in General Motors, and we’re going to just keep pushing ahead and accelerating them like we’re doing today of announcing a faster pivot to EVs,” CEO Mary Barra said Wednesday on CNBC’s “Squawk on the Street.” “I really see long-term value creation for General Motors and for our shareholders.”
GM’s plans to expand its electric and autonomous vehicle lineup. Its stock has almost tripled since reaching a 12-month low of $23.33 last July. Lets keep in mind it was also heavily depressed from the Covid Crash but nonetheless an impressive run.
GM said that they are seeing a strong demand for its upcoming EVs.
“Across the board, we are seeing exceptionally strong reactions and positive response to all of our electric vehicles,” Barra said.