General Motors Goes Even Bigger on Electric Vehicles, Planning $27 Billion in Spending
General Motors (NYSE: GM) said that it is boosting its electric vehicle (EV) investments as it moves to bring more battery-powered vehicles to market, more quickly.
Speaking at a conference hosted by Barclays on Thursday, CEO Mary Barra said that GM now plans to spend over $27 billion to bring a slew of new all-electric vehicles to market -- 30 across its global portfolio by the middle of the decade. That's up from the $20 billion it said that it would spend when it shared details of its new Ultium battery technology in March, just before the onset of the coronavirus pandemic in the U.S.
Not all of those 30 EVs will be sold in the U.S. market, but quite a few will be: more than two-thirds of the total, Barra said. Put another way, GM now expects 40% of its U.S. models to be battery-electric vehicles by the end of 2025.
Source Fool.com
