GM CEO Mary Barra says the investments will also go into "affordable" segments.
General Motors saw its profits soar in the third quarter of this year amid a better economic recovery than expected, and thanks to sales of its full-size pickup trucks and SUVs . As GM rakes in the cash, the automaker's CEO, Mary Barra, on Thursday said we're going to see the company invest heavily in even more electric vehicles.
During an investors' call discussing the automaker's third-quarter financial results, Barra said these profits will help fund EVs across every brand from Chevrolet , Buick , GMC and Cadillac . These cars will also be for "affordable high volume segments." EVs have not yet reached a cost parity with traditional traditional cars, but GM has stood firm in saying every single electric car it has planned will produce a profit.
More interestingly, Barra also said it's in discussions with other automakers to about future partnerships to develop more EVs. GM already buddied up with Honda in North America to create a wide-reaching alliance for the future, but it remains to be seen what other automakers GM could court to use its upcoming battery and electric motor technology, called Ultium.
GM's first EV using the new Ultium battery tech and motors will be the GMC Hummer EV, set to start rolling off the production line next fall. A Hummer SUV will follow, as will the Cadillac Lyriq SUV.