General Motors has said it will increase its global investment in electric and autonomous vehicles to $35 billion by 2025, a 30% jump from its previous trend and signaling its quest to become the leader in electric vehicles.
As part of its spending, the US No. 1 company will build additional battery manufacturers and support some of its investment projects in electric vehicles. It is noteworthy that last November, General Motors raised its investment plans from the $20 billion value that it announced in March before the outbreak of the Covid-19 epidemic, which led to the suspension of the auto industry companies from working.
The announcements of an expected spending increase from General Motors come less than a month after rival Ford raised its spending on electric vehicle development by more than a third of its previous size to exceed $30 billion by 2030.
These covenants by the largest US automakers, which are collectively valued at $65 billion, in addition to the increased spending by Tesla, the leader in this field, and the emergence of emerging competitors such as Lucid and Rivian, All of this reflects a fierce corporate race to secure a share of the electric vehicle market, with companies including Lordstown Motors scrambling to raise more funding to support the investment.
General Motors confirmed last November that it would speed up the introduction of its electric vehicles, as it plans to offer 30 models of these vehicles around the world by 2025 instead of its previous goal of only 20 models by 2023.
It aims to sell more than one million vehicles annually in the United States and China by 2025.