General Motors has announced a planned investment of $27 billion over the coming five years to advance the creation of electric vehicles and self-driving technology. This represents a 35% increase in funding, exceeding the company’s spending on traditional gasoline and diesel technologies, and is intended to accelerate the introduction of new products.

The automaker stated that over half of its capital expenditures and product development resources will be dedicated to programs focused on electric and electric-autonomous vehicles.

The U.S.-based company is also shortening its product launch schedule and expanding the number of EVs it intends to offer. GM revealed on Thursday an ambitious strategy to introduce 30 new electric vehicles to the global market by 2025, an increase from its previous commitment of 20 EVs by 2023. The company indicated that more than two-thirds of these new models will be available in North America, and all of GM’s brands – including Cadillac, GMC, Chevrolet, and Buick – will have representation within the lineup.

This acceleration of GM’s plans, which includes moving the launch of the Cadillac Lyriq SUV forward by nine months to the first quarter of 2022, occurs alongside significant activity in the electric vehicle sector. Several new companies have announced plans to become publicly traded through mergers with special purpose acquisition companies, aiming to secure funding for growth. Established automakers such as Ford and Volkswagen Group are also increasing their investments in EV development. Tesla, a leading electric vehicle manufacturer, is constructing new factories in Austin and Berlin to increase production capacity and broaden its vehicle offerings. By the close of next year, consumers will have a wider selection of EV choices than ever before, including models like the Lucid Motors Air, the Rivian R1T pickup truck, and Ford’s Mustang Mach-E.

“Our goal is not simply to compete, but to take the lead,” stated Doug Parks, GM’s Executive Vice President of Global Product Development, Purchasing and Supply Chain, during a discussion with the press prior to the announcement. “Tesla has established a strong position and achieved considerable success, making them a significant competitor. We are also seeing numerous startups and other companies entering this space, and we are determined to maintain our leadership position.”

GM’s approach involves streamlining the conventional 50-month development process by abandoning traditional procedures and adopting a more collaborative, less hierarchical team structure, according to Parks. As an example, he noted that the development timeline for the electric GMC Hummer will be reduced to 26 months. Parks also explained that the company’s early work on its Ultium battery architecture and drive units – the foundational elements of its next-generation EV program – is enabling faster progress.

Consequently, GM is accelerating the release of three GMC electric vehicles – all utilizing its new Ultium battery – and four Chevrolet EVs, including a pickup truck and a compact crossover, as well as four Cadillac models. GM confirmed that Buick’s product range will incorporate two EVs based on the Ultium platform.

To maintain pace and ultimately surpass its competitors, GM is actively recruiting new personnel. The company announced earlier this month that it is seeking to hire 3,000 engineers specializing in electric systems, infotainment software, and controls, as well as developers proficient in Java, Android, iOS, and other programming languages.

GM has also established a joint venture with LG Chem to develop and supply the battery cells for its modular architecture. This modular architecture, also named “Ultium” (consistent with the battery name), will support 19 different battery and drive unit configurations, 400-volt and 800-volt battery packs with capacities ranging from 50 kWh to 200 kWh, and front, rear, and all-wheel drive options. The core of this new modular architecture will be large-format pouch battery cells produced at a new manufacturing facility.

The two companies have previously pledged to invest up to $2.3 billion in the joint venture and to build a battery cell assembly plant on a new site in the Lordstown area of Northeast Ohio, creating over 1,100 jobs.

Currently under construction, the factory will have an annual production capacity of 30 gigawatt hours. For comparison, Tesla’s factory in Sparks, Nevada, a partnership with Panasonic, has a capacity of 35 GW-hours.