America's biggest automaker wants to smash Tesla.
General Motors refuses to be left behind as the auto industry accelerates towards an all-electric future. Tesla may have been the catalyst that helped to ignite change, but GM fully intends to retain its leadership status. Earlier this month, CEO Mary Barra announced plans to bring EVs to market faster than initially planned.
Reuters now says America's largest automaker will announce detailed plans of that EV acceleration tomorrow. Barra will once again be front and center as she's expected to say the company will spend more than the $20 billion already dedicated to launching several EVs by 2025. A precise figure is not yet available. Furthermore, supplier sources have indicated Cadillac's all-electric lineup goal will be moved forward from 2030 to as early as 2025.
Additional vehicle segments GM competes in, such as commercial vans, will also be included in these plans. Only a few weeks ago, the GMC Hummer EV truck debuted while a near-production-ready Cadillac Lyriq was revealed last summer. Tomorrow's announcement is also said to include a new timeline for additional new EV market launches. The Lyriq, however, supposedly isn't due to go on sale until 2022 but that date may also be moved forward following criticism it wasn't soon enough.
"The pull-ahead in programs is real and the organization is really doubling down on speeding up product development," a source familiar with GM's plans stated.
It's also possible the Hummer's launch could happen sooner, including the less expensive trim levels. So what's causing GM to accelerate EV plans once again? A number of factors, like Tesla's soaring market value that's currently in excess of $400 billion, and increasing pressure from regulators to phase out combustion engines. California, for example, has pledged to ban new combustion-engined vehicle sales by 2035. The UK has also just announced a similar plan, though it aims for all new vehicles to be zero emissions by 2030.
Full details regarding GM's EV plans should hopefully come by tomorrow at this time.