General Motors will increase its investments in electric vehicles and advanced driver assistance technologies by $ 35 billion through 2025. This will be a 75% increase from the original spending plan.
“GM is targeting annual global electric vehicle sales of over one 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, ”GM President and CEO Mary Barra said.
The increased investment will be used to accelerate production of Ultium batteries in the United States. GM will build two more plants for this technology, in addition to the plants already announced in Tennessee and Ohio. The automaker will announce the locations of these new sites later.
In other manufacturing news, GM will increase its ability to build electric SUVs in the United States. The company will announce more details in the future.
GM will also use this money to create electric commercial trucks using the Ultium platform. These vehicles will be available in North America and will be available by 2025.
It is not clear what type of business customer GM wants its electric truck to reach. Maybe the company wants to take on the recently announced Lightning Pro, which also aims to appeal to these buyers.
The automaker confirms its intention to launch the third generation of its Hydrotec fuel cells by the middle of the decade. The latest version has higher power density and lower cost. GM and Honda manufacture fuel cells in a joint venture in Brownstown Charter Township, Michigan.
GM Financial will make $ 5 billion in credit available to the automaker’s cruise self-driving carpool service. It will allow the company to develop its fleet of Cruise Origin vehicles. GM, Honda and Cruise will build the models at the Factory Zero site at the Detroit-Hamtramck assembly center from early 2023.