It's planning two new plants and a massive $35 billion investment.
The motor industry has crossed a tipping point in terms of investment in EVs and other green technologies, and General Motors is at the forefront of the charge to eliminate greenhouse emissions. The company, which is preparing to launch new EV models such as the GMC Hummer EV and Cadillac Lyriq in the coming months, has made the big promise to eliminate tailpipe emissions by 2035 and expects to offer 30 new EV models by 2025. This news was recently backed up by an official statement by the company that it would be boosting EV and AV investments by $35 billion through 2025. This big push will include the construction of two new Ultium battery cell plants in the US on top of the two plants currently being constructed in Ohio and Tennessee.
"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 is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio," says GM Chair and CEO Mary Barra.
The latest investment push comes after the company's announcement in March to invest $20 billion from 2020 through 2025. These big investments are backed by GM's strong performance in the second quarter of 2021 despite industry roadblocks such as the semiconductor chip shortage.
This new round of investment will focus on accelerating Ultium battery cell production in the US and commercializing US-made Ultium batteries and Hydrotec fuel cells. These products will play a primary role in securing partnerships with companies such as Honda, Navistar, and Lockheed Martin.
GM's main focus, however, is to expand the rollout of EVs for retail and fleet customers. The deployment of self-driving technology is also expected to be made a priority. "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 concluded.