GM increases its self-driving and EV investment to $35 billion

GM has increased the money it allocates for its combined EV and autonomous driving investments from 2020 to 2025 to $ 35 billion. The largest automaker in the United States originally planned to invest $ 20 billion in the venture, but decided to grow it to $ 27 billion late last year. Now, as CNBC reports, more is being spent on efforts to go electric and driverless.

The company will use the additional investments to accelerate the production of its battery and fuel cell technologies. It will build two more battery plants in addition to the two battery factories already under construction in the U.S., most likely to ensure it doesn’t run into battery shortages as EV production ramp-up. With its own battery factories (like Tesla with its gigafactories), GM would not have to rely on the better or worse of third-party manufacturing partners in the future.

In the past, GM had announced that it would bring 30 electric vehicles to market by the end of 2025 and sell all electric vehicles by 2035. So far, GM has already presented the Hummer EV and the new Chevy Bolts. among other models, but we’ll see the company divulge more in the years to come as it continues to electrify its brands’ vehicles – especially since the company has announced that it will expand those plans with the additional investments. GM did not reveal any further details about its new goals. CFO Paul Jacobson just said the automaker “feels”[s] good about everything [its] Projects in progress. “He added,” We are moving aggressively and there is still a lot of excitement ahead of us. “

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