General Motors will increase its financial commitment to EVs and AVs by $7 billion and launch a total of 30 new electric vehicles globally by 2025, company CEO Mary Barra said during a Barclays conference Thursday.
GM had previously set aside $20 billion for EV and AV investment and said it would launch 20 new EVs globally by 2023. This was before the COVID-19 pandemic hit, which drove GM to further increase its commitment to battery electric and self driving vehicles. Barra said the company now plans to invest a total of $27 billion in EV and AVs through to 2025, helping it launch 30 EVs worldwide within the same timeframe – more than two-thirds of which will be available in North America.
The automaker says that with this move, more than half of its capital spending and product development team will be devoted to electric and electric-autonomous vehicle programs.
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” Barra said in a prepared statement. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”
These 30 new EVs will include Cadillac, GMC, Chevrolet and Buick products. GM said they will also encompass EVs “at all price points,” and and for various lifestyles/uses including work, adventure, performance and family. More than 40 percent of GM’s U.S. portfolio will be battery-powered by the end of 2025.
GM also outlined some improvements to its Ultium modular battery system at the Barclays conference. Thanks to unnamed “engineering advances,” the automaker said its engineers “have increased the previously stated GM-estimated maximum range of Ultium-based vehicles from 400,” to 450 miles on a full charge. We should not that it is almost certain that only select GM electric vehicles with Ultium batteries, such as those with large, long-range battery packs, will be able to achieve this estimated range figure.
Lastly, GM said the short development cycle for the GMC Hummer EV pickup is now the standard across all of its EV programs, bumping their respective development schedules forward. These newly expedited programs include a total of 12 different vehicles and comprise an unnamed GMC pickup, a Chevy compact crossover, a Chevy pickup and four Cadillacs, among more.