General Motors has announced it will allocate $20 billion between 2020 and 2025 to expand and continue the development of its various autonomous and electric vehicle programs.
The automaker announced the future investment Wednesday as part of its Q2 2020 earnings report, in which it reported a loss of $806 million due largely in part to the COVID-19 pandemic. GM already said previously that it would introduce 20 new electric vehicles globally before the end of 2023, but with that deadline quickly approaching, it is beginning to look even further ahead into the future with regard to its electric and autonomous product offerings.
Among the first of these future battery-electric vehicles from GM will be the GMC Hummer EV, which will debut this fall and enter production a year later in the fall of 2021. The Cadillac Lyriq crossover will also launch within a similar timeframe following its debut next week. We know the next-generation Chevrolet Bolt EV and Chevrolet Bolt EUV crossover are not far out, either, while the pricy Cadillac Celestiq full-size sedan is currently in the works as well.
Additionally, GM outlined many of its other future electric vehicle programs in its 2019 Sustainability Report. These will include an electric Chevrolet pickup truck, a smaller Cadillac crossover, a large Cadillac SUV, a Buick crossover and large Buick SUV. Most of these EVs will tap GM’s new BEV3 dedicated electric platform, while larger vehicles like the GMC Hummer EV and Chevrolet pickup will utilize the BT1 electric truck/SUV platform. These products will also utilize GM’s new Ultium battery technology, which it detailed during its EV Day press event earlier this year.
On the autonomous side of things, meanwhile, is the Cruise Origin. The Origin is a fully autonomous shuttle bus/taxi that will enable the GM subsidiary to launch a driverless ride-hailing app/service. The shuttle, which will also use the BEV3 platform, is expected to enter production at GM’s Detroit-Hamtramck plant in late 2022. GM has already sidelined $2.2 billion to invest in the Detroit-Hamtramck plant to produce the Origin, GMC Hummer EV and other future EVs.
The $20 billion will be used to develop these aforementioned EV products, along with the Origin, and retool and/or prepare the production plants GM intends to build them at. The majority of these products are expected to launch before the end of 2025.
GM CEO Mary Barra said earlier this year that setbacks brought on by the COVID-19 pandemic have not deterred GM from introducing greener vehicles and investing in potentially life-saving safety technology like AVs.
“The past several months have been difficult and our world has changed. As we move through the world in a new way, GM is as determined as ever to create solutions that lead to a better future for all,” Barra said. “GM remains focused on delivering on our vision of a world with zero crashes, zero emissions and zero congestion, while becoming the most inclusive company in the world.”