GM Pours Even More Cash Into Its Electric Vehicle Plans
General Motors' (NYSE: GM) plan back in March 2020 was to invest $20 billion over five years in electric and autonomous vehicles. That money would go toward building and equipping factories, engineering expenses, and other development costs. At the time, GM aimed to sell more than 1 million electric vehicles by 2025, with dozens of new models based on its home-grown Ultium battery technology.
GM bumped up the size of that planned investment to $27 billion late last year. It also accelerated the development of a dozen of its upcoming EVs, including the GMC Hummer EV. While the Hummer EV may not sell in huge volumes, it will act as a showcase for the Ultium platform. The company is promising more than 300 miles of range on a full charge, as much as 1,000 horsepower on the pickup version, and fast charging capabilities.
Image source: GM.
Source Fool.com
