The automaker will spend $35 billion through 2025 on batteries, cars, even trains
General Motors Co. said yesterday it will pour more resources into electric vehicles, in the form of $8 billion and two new factories to build batteries.
The news comes amid a busy week for electrification at GM. On Monday, the company announced new support for electric autonomous vehicles and said it would furnish batteries and fuel cells for electric trains.
The new money demonstrates how America's largest automaker is quickening its move toward EVs.
In the last 15 months, GM has upped its investment from $20 billion to $27 billion and now to $35 billion, an overall increase of 75%. Paul Jacobson, GM's chief financial officer, said yesterday that channeling the new $8 billion was a relatively easy call based on the response to the new EVs it has unveiled recently, including the Hummer SUV and the Cadillac Lyriq.
It plans to introduce 30 new electric models and sell 1 million EVs globally by 2025.
The new funds will accelerate the production of electric SUVs and bankroll new electric commercial vehicles, according to a news release.
GM offered scant details about its new battery factories.
Asked where the factories will be and whether these new factories will have the same production partner - LG Chem Ltd. - Jacobson declined to answer.
Volvo AB, the Swedish-Chinese automaker, said it would make an electric SUV at its plant in Charleston, S.C. The vehicle is the Polestar 3, the flagship of a new subbrand.
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