General Motors has announced that it is doubling the amount of resources it will allocate toward the development of electric and autonomous vehicles over the next two years.
The announcement came as part of the promotion of former head of product at General Motors, Mark Reuss, to president of the company.
“Reuss has also been leading the transformation of the company’s global product development workforce and processes to drive world-class levels of engineering in advanced technologies and improve quality and speed to market,” GM said in a prepared statement. “He is doubling the resources allocated to electric and autonomous vehicle programs in the next two years.”
GM CEO Mary Barra said Reuss has also “played a critical role in leading the development of the company’s award-winning vehicles while transitioning his team to prepare for growing electrification and autonomous technologies.”
While no official monetary figure was provided by GM, the automaker is dumping quite a significant amount of money into the development of electric and autonomous vehicles. Late last year, the automaker announced it would invest $28 million in its battery development and test lab.
It has also spent more than $1 billion to acquire and expand its self-driving car subsidiary, Cruise Automation.
GM recently axed one of its plug-in hybrid vehicles, the Chevrolet Volt, in order to make way for more battery electric vehicles. It also got rid of other aging, slow-selling product in order to free up cash to invest in EVs and AVs. GM models set to be discontinued include the Chevrolet Cruze, Chevrolet Impala, Buick LaCrosse, Cadillac XTS sedan and Cadillac CT6 sedan. GM Canada is rumored to be killing off the Chevrolet Sonic as well – a move that GM will eventually copy, we imagine.
The American automaker recently passed the 200,000 EVs sold milestone, which means its EV customers will no longer be eligible to receive the $7,500 tax credit. The government will phase the tax credit system for GM out over the next 15 months.