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buying GM amping up EV and autonomous vehicle development to $35B through 2025

19:55  16 june  2021
19:55  16 june  2021 Source:   cnet.com

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GM will increase spending on electric and autonomous vehicles to $ 35 billion through 2025 , a 30% increase from plans announced late last year. The higher spending will include plans to accelerate the production of its battery and fuel cell technologies, including two new U.S. battery plants. America's largest automaker is racing to catch up to EV leader Tesla and compete for a leadership position against other well-established automakers such as Volkswagen. GM 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

General Motors will substantially accelerate its investment in electric cars and autonomous vehicle technologies, the company announced Wednesday. The Detroit automaker will ramp up its investments from a previously announced billion to $ 35 billion through 2025 . A portion of that funding will go towards the The $ 35 billion investment total is a dramatic ramp up from the figure announced in March 2020 (largely prior to the pandemic) and that amount pushes GM 's planned investments past those of arch-rival Ford, which has committed billion to EVs and AVs over the same time period.

General Motors will substantially accelerate its investment in electric cars and autonomous vehicle technologies, the company announced Wednesday. The Detroit automaker will ramp up its investments from a previously announced $20 billion to $35 billion through 2025. A portion of that funding will go towards the creation of two additional lithium-ion battery cell plants in North America, doubling today's total.

a car parked on the side of a road: Cadillac's Lyriq crossover SUV is headed to dealers for the 2023 model year. Cadillac © Provided by Roadshow Cadillac's Lyriq crossover SUV is headed to dealers for the 2023 model year. Cadillac

"GM is also announcing two new Ultium battery cell plants in the US, in addition to our plants that are already under construction in Ohio and Tennessee," GM's CEO Mary Barra said in a statement on LinkedIn. The automaker did not disclose where those plants will be located.

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General Motors has announced it will increase its investment into electric and autonomous vehicles to $ 35 billion through 2025 . "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 Before the pandemic, GM announced an initial billion investment in electric and autonomous vehicles . GM said the investment will accelerate the company’s Ultium battery production in the United States, with plans to build two new manufacturing plants for the electric batteries by mid-decade.

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The $35 billion investment total is a dramatic ramp up from the figure announced in March 2020 (largely prior to the pandemic) and that amount pushes GM's planned investments past those of arch-rival Ford, which has committed $30 billion to EVs and AVs over the same time period.

The news comes amidst increasing profit projections for this year, despite the pandemic and the semiconductor shortage, which has been hurting production of new vehicles. According to a GM press release, the company expects its second-quarter profits to be $3 to $4 billion higher than earlier estimates. The company is now targeting first-half earnings of $8.5 billion to $9.5 billion before interest and taxes, up from $5.5 billion.

2023 Cadillac Lyriq is quite the flashy electric SUV

As part of the announcement, GM also confirmed it will launch a third generation of Hydrotec fuel cells by "mid-decade," as part of a joint-venture agreement with Japanese automaker Honda.

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General Motors has announced it will increase its investment into electric and autonomous vehicles to $ 35 billion through 2025 . "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 Before the pandemic, GM announced an initial billion investment in electric and autonomous vehicles . GM said the investment will accelerate the company’s Ultium battery production in the United States, with plans to build two new manufacturing plants for the electric batteries by mid-decade.

General Motors Co will increase its Electric Vehicle ( EV ) and Autonomous Vehicle (AV) investments from 2020 through 2025 to $ 35 billion, representing a 75 percent increase from its initial commitment announced prior to the pandemic. The company's enhanced commitment aims to accelerate its transformative strategy to become a market leader in EVs in North America; a global leader in battery and fuel cell technology through its Ultium battery platform and HYDROTEC fuel cells; and through Cruise, be the first to safely commercialize self-driving technology at scale.

GM previously announced plans to unveil 30 electric vehicles by 2025 worldwide. At present, however, it only offers the recently refreshed Chevrolet Bolt EV and its new crossover derivative, the Bolt EUV. The automaker has already revealed other new EVs, including the 2023 Cadillac Lyriq (shown above) and the 2024 GMC Hummer pickup.

GM has already confirmed its electric transformation won't just be for everyday new consumer vehicles. Among its other battery-powered power plays, the company previously revealed a commercial delivery van from a new business division called Brightdrop that's expected to be assembled in Canada. In January at CES 2021, the automaker also confirmed it is pursuing developing flying vehicles, including an electric vertical takeoff and landing aircraft, which could carry Cadillac branding.

a car parked on the side of a road: Cadillac's Lyriq crossover SUV is headed to dealers soon. © Cadillac

Cadillac's Lyriq crossover SUV is headed to dealers soon.

GM announces EV charging partnerships, new 'Ultium Charge 360' platform

  GM announces EV charging partnerships, new 'Ultium Charge 360' platform GM announces EV charging partnerships, new 'Ultium Charge 360' platformThe No. 1 U.S. automaker said it had signed agreements with seven companies including Blink Charging, ChargePoint and EV Connect.

GM plans to sell more than one million electric vehicles a year by 2025 . “There are several growth drivers at General Motors , and we’re just going to continue to move forward and accelerate them as we are doing today by announcing a faster pivot to electric vehicles ,” the said on Wednesday. Before the coronavirus pandemic closed auto factories in March 2020, GM initially announced it would invest $ 20 billion in autonomous and electric vehicles until 2025 . It increased that spending to $ 27 billion in November. as it advanced vehicle programs and accelerated the production of battery cells.

General Motors will boost global spending on electric and autonomous vehicles to $ 35 billion through 2025 , a 30% jump over its most recent forecast as it pursues EV leadership, people briefed on the matter told Reuters. As part of that spending, the No. 1 U.S. automaker will build two additional U.S. battery plants and move ahead some of its EV investments, said the sources, who asked not to be identified. In November, GM upped its spending plans from billion, a figure that was announced in March before the COVID-19 pandemic shut down the auto industry.

GM stock is up over 2.5% as of publication.

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This was originally published on Roadshow.

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