GM Invests $35 Billion in EV and AV Through 2025

General Motors Increases EV and Autonomous Vehicle Investment

General Motors Co. has further expanded its planned investment in electric vehicles (EVs) and autonomous vehicle technology. The company announced on Wednesday a commitment of $35 billion through 2025.

This figure represents an $8 billion increase over the previous plan, which was unveiled in November 2020.

Expansion of EV Portfolio and Production

GM aims to introduce 30 new electric vehicles globally by 2025. The company is also committed to a complete transition to a zero-emission vehicle lineup by 2035.

The increased investment will facilitate the addition of new electric commercial trucks to the North American production schedule. Furthermore, it will support the expansion of U.S. assembly capacity specifically for electric SUVs.

Strategic Investments in Battery Technology and Autonomy

GM’s strategy extends beyond vehicle development. The automaker is actively investing in multiple areas to solidify its position in the evolving automotive landscape.

• The company is funding two new battery cell plants through its joint venture, Ultium Cells LLC, with LG Chem.
• Significant resources are being allocated to Cruise, GM’s autonomous driving subsidiary acquired in 2016.

This multifaceted approach underscores GM’s dedication to leading the EV revolution.

Cruise Secures Funding for Commercialization

Just prior to GM’s announcement, Cruise revealed it had secured a $5 billion line of credit from GM’s financial division. This funding is intended to support the commercial launch of its Origin electric and autonomous vehicle.

Production of the Origin is currently scheduled to commence in 2023.

Hydrogen Fuel Cell Development

GM is also continuing its work in hydrogen fuel cell technology through its HYDROTEC joint initiative with Honda. The company confirmed plans to release its third-generation HYDROTEC cells by the middle of the decade.

Strategic partnerships are in place with Navistar, a heavy truck developer, and Liebherr-Aerospace, which is focused on creating hydrogen fuel cell power systems for aircraft.

Supply Agreements for Sustainable Transportation

Yesterday, GM also announced a supply agreement with Wabtec Corporation, a Pittsburgh-based firm developing the world’s first battery locomotive. This agreement will see GM providing both fuel cells and EV batteries to Wabtec.

CEO Statement and Market Outlook

“GM is targeting annual global EV sales of more than 1 million by 2025,” stated CEO Mary Barra. “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.”

This increase in investment mirrors a similar move by Ford, which recently announced a $30 billion investment by 2025, an increase from its previous commitment of $22 billion by 2023.