American auto company General Motors (GM) intends to ramp up its production and range of all-electric vehicles, trying to compete with the leading Tesla in this segment, as well as with new rivals in the emerging electric vehicle market.
On Thursday, the Detroit-based automaker announced plans to spend $ 27 billion on developing and manufacturing electric and autonomous vehicles by 2025, up $ 7 billion, or 35%, from initial plans announced in March this year. This exceeds GM’s planned investment in gasoline and diesel vehicles, and accounts for the bulk of the company’s capital expenditure on new developments during this period.
The increase in investment will enable GM to meet its plan to produce 30 new electric vehicle models worldwide by 2025, including more than 20 models in North America. GM has also sped up plans for the Hummer EV and Cadillac Lyriq EV. GM announced last month that it would invest $ 2 billion to modernize its Spring Hill, Tennessee plant, which will manufacture the Lyriq electric crossover. Cadillac now plans to start mass production of the Lyriq in the first quarter of 2022, nine months ahead of previous plans to begin production in late 2022.
The company plans to reach 1 million global electric vehicle sales by 2025.
If you notice an error, select it with the mouse and press CTRL + ENTER.