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GM To Increase Spending On EVs And Autonomous Vehicles To $27 Billion By 2023: Report

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  • It also aims to fasten the launch of a dozen new electric models
  • GM wants to exceed its prior target of annual sales of one million EVs in the United States and China by 2025

As per a report by Reuters, General Motors Chief Executive Mary Barra said that the company is accelerating an “all out pursuit of global EV leadership that will challenge Tesla with with increased spending and sped-up vehicle production targets. It added that Barra also said that over time, GM plans to offer electric vehicles across its lineup, from below $30,000 (£22,665) to over $100,000. It has a goal of “putting everyone in an electric vehicle.”

Barra said EVs could help GM expand sales in the United States by as much as 280,000 vehicles a year in coastal states where the company’s brands are weak. It plans to increase spending on electric and autonomous vehicles to $27 billion by 2023, up 35 per cent from previous disclosed plans added Barra. It also aims to fasten the launch of a dozen new electric models.

Speed up the rollout of new EVs

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The report added that some investors had pressed Barra to separate GM’s electric vehicle operations from the automaker’s legacy internal combustion business. when asked about a a spinoff of GM’s skateboard or battery operations she added that the company doesn’t think it has to separated. She emphasised the advantages she sees in integrating internal combustion and electric vehicle businesses. It added that EVs can share up to 70 per cent of the components used in traditional vehicles.

GM confirmed it will speed up the rollout of new EVs, and will offer 30 models globally by 2025. It will expand a prior target of 20 electric models by 2023. Barra said GM wants to exceed its prior target of annual sales of 1 million EVs in the United States and China by 2025.GM also said it was creating an umbrella organisation for its electric vehicle and digital marketing efforts called Ultifi added the report.

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