Industrial, Sourcing Renewables - November 20, 2020
GM plans to offer 30 EV models by 2025
General Motors announced Nov. 19 that it will be increasing its investment in electric vehicle production and intends to offer 30 all-electric models on the market in 2025.
The automaker previously committed $20 billion to EV and AV production earlier this year, but have raised that amount to $27 billion in funding through 2025. When GM achieves its target of having 30 models of electric vehicle in its line of cars, EVs will account for 40% of the company’s U.S. entries.
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” Mary Barra, GM chairman and CEO, said in a statement. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”
This announcement follows a similar one just last week regarding GM’s intention to add 3,000 new EV-focused jobs in the new year, emphasizing the company’s commitment to the electric vehicle transition. More than half of GM’s capital spending and product development team will be dedicated to electric and electric-autonomous vehicle programs.
GM also shared its intention to increase the development of its first- and second-generation Ultium-based batteries, which will be capable of driving ranges up to 450 miles on a full charge and will bring EVs closer to price parity with gas-powered vehicles.
“Ultium is already changing the way customers – and investors – view our company,” Barra said. “We are resolved as a management team to move even faster to expedite the transition to EVs. The all-electric future we are building integrates all the things we do better than anybody else – so we can put everyone in an EV, generate profitable growth and create shareholder value.”