DETROIT—General Motors is increasing its massive investment in electric and autonomous vehicle technology over the next four years to $35 billion, which is a 75 percent increase from its initial commitment announced prior to the pandemic. Part of the initiative will include the construction to two new battery plants in addition to facilities currently being built in Ohio and Tennessee.
“We are investing aggressively in a comprehensive and highly-integrated plan to make sure that [we lead] in all aspects of the transformation to a more sustainable future,” says Mary Barra, CEO of GM. “[We are] targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.
“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,” explains Barra.