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.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

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

Porsche Shifts Back to Gas Engines as EV Sales Slump

Porsche AG will invest €800 million ($831 million) in gasoline and hybrid vehicles, triggering a...

Monday, February 10, 2025, 07:30:58 AM

China Rare Earth Exports Fall Dramatically in 2020, Positively Impacting Energy Fuels Inc

Last week, China announced that it exported only 35,448 tonnes of rare earth materials, down...

Saturday, January 23, 2021, 01:24:00 PM

EV Price War Likely To Intensify, Fueled by Aggressive Spending Plans

The price war that Tesla, Inc. (NASDAQ: TSLA) initiated two months ago in the electric...

Saturday, March 18, 2023, 01:37:00 PM

Mercedes-Benz to Build Its Own EV Charging Network

Mercedes-Benz will soon match its growing range of electric vehicles with the full experience as...

Sunday, January 22, 2023, 11:21:00 AM