GM Placing $27 Billion Bet on EVs
GM's Electric Vehicles Spending to Increase 35% Source: Cadillac Lyriq GM Also Increasing Battery Production GM is going full throttle on electric vehicles. Challenging Tesla's EV leadership, GM just announced it is accelerating planned spending on future EV's to more than $27 billion. That is 35% more than planned. And to accommodate the increased production of EV's, it will simultaneously increase its battery production. The announcement was made by GM CEO Mary Barra. Electric Vehicle Push By Global Automakers Last week, Volkswagen announced that it is investing $86 billion in electric vehicle development and production. Tesla continues to leave the competition behind as it dominates global EV sales. For GM, CEO Barra plans to offer EV's across the entire product line from vehicles costing less than $30,000 to those costing more than $100,000. GM's EV Sales Targets By 2025, GM wants to sell 1 million EV's a year