General Motors will increase its investment into electric vehicles and advanced driving assistance technology by $35 billion through 2025. This will be a 75 percent increase from the original spending plan.
"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," GM Chair and CEO Mary Barra said.
The increased investment will go toward accelerating Ultium battery production in the United States. GM will build two more factories for this tech, in addition to the already announced plants in Tennessee and Ohio. The automaker will announce the locations of these new sites later.
In other manufacturing news, GM will increase its capacity to build electric SUVs in the US. The company will announce more details in the future.
GM will also use this money to create electric commercial trucks using the Ultium platform. These vehicles will be available in North America and will be available by 2025.
It's not clear what type of commercial customer that GM wants its electric truck to appeal to. Perhaps, the company wants to take on the recently announced Lightning Pro that also aims to appeal to these buyers.
The automaker confirms a plan to launch the third generation of its Hydrotec fuel cells by mid-decade. The latest version has a higher power density and a lower cost. GM and Honda manufacture fuel cells as a joint venture in Brownstown Charter Township, Michigan.
GM Financial will make $5 billion in credit available to the automaker's Cruise autonomous vehicle rideshare service. It will let the company grow its Cruise Origin vehicle fleet. GM, Honda, and Cruise will build the models at the Factory Zero site at the Detroit-Hamtramck Assembly Center starting in early 2023.