General Motors will invest $35 billion in autonomous and electric vehicle programs between now and 2025, the automaker announced this morning.
The automaker previously said it would invest $20 billion in AV and EV programs through 2025, with this latest change boosting its initial investment by 75 percent. The money will be funnelled into its Ultium lithium-ion battery and Hydrotec hydrogen fuel cell programs, along with its Cruise robotaxi subsidiary.
“We are investing aggressively in a comprehensive and highly integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,” said GM chair and CEO Mary Barra. “GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.”
“There is a strong and growing conviction among our employees, customers, dealers, suppliers, unions and investors, as well as policymakers, that electric vehicles and self-driving technology are the keys to a cleaner, safer world for all,” Barra added.
With the cash, GM plans to add additional U.S. assembly capacity for electric SUVs and develop more new electric commercial trucks using its Ultium platform. It will also build two new Ultium battery cell plants in the U.S., in addition to the two previously announced plants in Lordstown, Ohio and Spring Hill, Tennessee.
GM also confirmed the development of its third-generation Hydrotec fuel cell cubes today, which it says will offer “even greater power density and lower costs by mid-decade.” It signed a memorandum of understanding with train manufacturer Wabtec this week to help it develop a Hydrotec-powered hydrogen freight locomotive and previously entered a partnership with Navistar to develop hydrogen-powered semi trucks. These partnerships will enable GM, and its hydrogen development partner Honda, to commercialize its hydrogen fuel cell technology.
The first Ultium-powered EV, the GMC Hummer EV, will commence deliveries later this year. The automaker is also planning to deploy its Cruise Origin robotaxis on public roads in the coming years, with the autonomous cab set to enter production at the GM Factory Zero plant in early 2023.