GM increasing spending to make 40% of its cars electric by 2025
GM is spending 27B to accelerate it's EV push to catch up in the EV race
General Motors is increasing its spending on electric vehicles, planning more electric cars, trucks and SUVs than previously announced and that it will produce many of them sooner than originally planned, the company announced Thursday. One of the company's goals to become the market share leader in electric vehicles in North America, GM CEO Mary Barra said,
"We are resolved as a management team to move even faster to expedite the transition to EVs," Barra said in a statement.
GM had previously said it would commit $20 billion to the development of electric and fully autonomous vehicles over the next five years. The automaker announced that's being increased to $27 billion through 2025.