General Motors announced in a press release Monday that it would invest $35 billion in electric vehicles through 2025, including the construction of two U.S. battery factories.
“We are investing aggressively in a comprehensive and highly integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,” GM Chair and CEO Mary Barra said in the press release.
BREAKING: General Motors says it will increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30% increase from plans announced late last year. It also said it is raising its earnings guidance for the first half of the year. https://t.co/PnNOFOFbWr
— CNBC Now (@CNBCnow) June 16, 2021
GM plans to build two battery factories in the U.S., complementing its two plants in Tennessee and Ohio, the press release said.
Numerous car manufacturers are investing in electric vehicle technology amid growing electrification and increased demand in the U.S., the release said. (RELATED: Energy Secretary Sells Stake In Electric Vehicle Company After Republican Criticism)
“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,” Barra said in the press release.
This investment represents a 75% increase from GM’s initial commitment of $20 billion announced in March 2020, the press release said.
Ford pledged in May to invest $30 billion in electric vehicles by $30 by 2025, according to a Ford press release.
“Across the board, we are seeing exceptionally strong reactions and positive response to all of our electric vehicles,” Barra said in an interview with CNBC.
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