GM amping up EV and autonomous vehicle development to $35B through 2025
General Motors is accelerating investments in EVs and AVs, and has announced two more Ultium battery plans in North America.
Chris PaukertFormer executive editor / Cars
Following stints in TV news production and as a record company publicist, Chris spent most of his career in automotive publishing. Mentored by Automobile Magazine founder David E. Davis Jr., Paukert succeeded Davis as editor-in-chief of Winding Road, a pioneering e-mag, before serving as Autoblog's executive editor from 2008 to 2015.
Chris is a Webby and Telly award-winning video producer and has served on the jury of the North American Car and Truck of the Year awards. He joined the CNET team in 2015, bringing a small cache of odd, underappreciated cars with him.
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.
"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.
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.
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