Friday, May 30, 2025

Latest

GM Boosts EV and Autonomous Vehicle Spending 30% by 2025 Amid Stronger Profits

General Motors said it will boost spending on electric and autonomous vehicles by 30% come 2025, as the company reports better than expected profits in the first half of the year.

On Wednesday, GM announced it will up spending towards its electric and autonomous fleet to $35 billion, marking an increase of 30% from its previous spending plans announced in late 2020. The additional funds will be allocated towards accelerating the automaker’s battery and fuel cell production, as well as expand its current rollout of electric vehicles. Previously, GM had said it will introduce 30 new EVs to the car market by 2025, and with respect to the latest spending boost, the car maker said it will now add to those plans.

“There are several growth engines in General Motors, and we’re going to just keep pushing ahead and accelerating them like we’re doing today of announcing a faster pivot to EVs,” explained GM CEO Mary Barra to CNBC. Indeed, GM has been in a hurry to catch up to EV market leader Tesla, in a broader effort to compete with other major automakers including Volkswagen.

GM said that the latest EV spending increase was the result of historically-high pretax earnings over the past three quarters, as well as strengthening demand for its new EVs. Despite the ongoing global chip shortage, GM forecasts better-than-expected pretax earnings between $8.5 billion and $9.5 billion in the first half of 2021, up from a previous estimate of $5.5 billion.


Information for this briefing was found via GM and CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

Related News

GM, LG Scrap Plans to Build Fourth EV Battery Plant

General Motors (NYSE: GM) and LG Energy Solution have halted plans for a battery-cell factory...

Saturday, January 21, 2023, 09:00:00 AM

General Motors Confirms Plans to Produce All-Electric Silverado Pickup Truck

Several months after unveiling a new all-electric Hummer, General Motors this week confirmed production plans...

Saturday, April 10, 2021, 03:23:00 PM

GM to Invest $800 Million Towards Commercial EV Factory in Ontario

GM recently unveiled a new wholly-owned business called BrightDrop, which will provide electric first-to-last mile...

Tuesday, January 19, 2021, 10:32:00 AM

EV Start-Up Canoo Jumps Nearly 14% Following Announcement of New Electric Pickup

Shares of Canoo, the US-based electric vehicle start-up, rose by as much as 14% during...

Friday, June 18, 2021, 05:14:00 PM

Hertz Slashes Prices on Electric Vehicles Rented From Its Fleet

Hertz Global Holdings (NASDAQ: HTZ) is employing a unique strategy to mitigate ongoing losses in...

Wednesday, January 1, 2025, 10:40:09 AM