General Motors (GM) plans to hit the accelerator on its electric and autonomous vehicle ambitions.
The automaker said Wednesday it will increase its investments in electric and autonomous vehicles by 75% to $35 billion. GM's total investment includes the years 2020 to 2025. The company previously outlined a $20 billion target back in November 2020.
“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,” GM Chair and CEO Mary Barra said in a statement. “GM is targeting annual global EV sales of more than 1 million by 2025, and 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.”
Some of the first big releases under this EV spending will be GM's all electric Hummer and the Cadillac Lyriq.
The news comes as GM has been losing the PR battle on EVs to rival Ford lately.
Ford said in May it will spend $30 billion on electric vehicle development — including battery development — by 2025. Previously, the auto giant said it would spend $22 billion on its EV ambitions by 2023.
The company anticipates that 40% of its global vehicle volume will be fully electric by 2030 fueled by new models of the electric Mustang Mach-E and F-150.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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