General Motors Boosts Investment In Electric, Self-Driving Vehicles To $35Bln Through 2025

Sumaira FH Published June 16, 2021 | 07:16 PM

A $35 billion investment will fund two US battery manufacturing plants as part of a larger plan to expand electric vehicle (EV) production and also create autonomous driving technology (AV) on a commercial scale, General Motors said on Wednesday

WASHINGTON (UrduPoint News / Sputnik - 16th June, 2021) A $35 billion investment will fund two US battery manufacturing plants as part of a larger plan to expand electric vehicle (EV) production and also create autonomous driving technology (AV) on a commercial scale, General Motors said on Wednesday.

"General Motors Co. (NYSE: GM) announced today it will increase its EV and AV investments from 2020 through 2025 to $35 billion, representing a 75 percent increase from its initial commitment announced prior to the pandemic," a GM press release said.

The statement said that the enhanced commitment will accelerate its strategy to become the market leader in EVs in North America, the global leader in battery and fuel cell technology through and to be the first to safely commercialize self-driving technology at scale.

"There is a strong and growing conviction among our employees, customers, dealers, suppliers, unions and investors, as well as policymakers, that electric vehicles and self-driving technology are the keys to a cleaner, safer world for all," GM CEO Mary Barra said in the release.

Plans call for construction of two new US battery plants, in addition to plants in Ohio and Tennessee now under construction, GM said.

GM will also collaborate with Honda to create two new SUV models powered with GM's Ultimum batteries.

In addition, GM said it plans to supply its Ultium batteries and Hydrotec fuel cells to Wabtec Corporation, which is developing the world's first 100 percent battery-powered train locomotive.