General Motors To Boost EV And AV Investment To $35 Billion By 202531
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.
Subscribe to GM Authority for more General Motors investment news, General Motors electric vehicles news and around-the-clock General Motors news coverage.
- Sweepstakes Of The Month: Win a 2023 Corvette Z06 Convertible. Details here.
Great news! Sounds like more EV product announcements will be coming soon, but as an investor, its the 1st half 21 profit upgrade that excites me… GM is raking in the cash at a historic level…
EV’s are contributing ZERO to those profits and won’t anytime soon. If ever.
Hummer Ev will generate profit when it goes on sale, and sell to non GM customers
Not enough to offset Bolt.
You are using outdated numbers on the Bolt. The Bolt is far more profitable than it used to be. Lower prices on the battery packs and things learned during production have decreased production costs and increased profits.
Exactly right, the Bolt is profitable now, meaning it cost less to build and sell a Bolt than the price, whether the program is profitable, is unknown, but I would guess its close…
Source? From what I remember the past several months GM needs to put up to 9K off sticker to move remaining Bolt inventory. Two have been sitting at my local dealer parked up front on the chargers and remain unsold. that doesn’t sound like they are making little if much profit on them currently.
GM gets paid for the cars 30 days after they leave the factory. Sounds like your local dealer is keeping cars for cars for demo’s? The Bolts in the area I live are spending less than a week on lots, and yes the old models sell with discounts. Try getting more a large discount on a 2022, as they are arriving now, and selling fast. I have seen several EUV’s on the road already.
Well they have new window stickers on both. Have yet to see any 2022 of any models let alone the EUV’s at any of 5 Chevy dealers within 50 mile radius of me.
My Dealership in Michigan usually has 20 Bolts on the lot and they sell fast. Now they are getting a slow trickle of 2022 Bolts and EUVs.
But what if the demand isn’t there or never gets to where they think it’ll be?
No worry, if you build it, they will come…
2025? Ew It’s so cute! Marry, cut the crab, 2025 is too late! EV ship is about to sail , germans throw hundreds of billions combine currently into EV investments, thanks to government support. If you wait 2025 and 2035 for fully electric line up, your electric dreams are not gonna happen.
Just get rid of all the gas cars right now! And launch Lyric, Hummer, electric Silverado and its variants already, we have no time , every minute counts. This is an opportunity for ages and comes on a silver plater, a major major reset for currently established automotive industry hierocracy, power balance. if you play your cards right you have a major chance to revive the legend of GM and take fifty percent of cake as once it had.
Otherwise you have to wait for another century ,if you don’t go immediate bankruptcy, for next technological revolution for automotive industry to get another chance; flying time machine cars powered by Mr. Fusion.
VW is the only current EU company taking Electric cars seriously.
The others are lagging far behind GM.
Great decision by GM
Glad to see they are stepping up. Hopefully their upcoming EV’s will leapfrog Toyota and Honda and then in the Luxury Class Cadillac can finally overtake the German Big Three. Audi will be tough though. They already have three models.
GM does not want to leapfrog Honda, Honda is buying GM EV’s and later will put Ultium in Honda built EV’s. GM and Honda are partners, not competitors.
Oh ok. So GM is just allowing Honda to eat their lunch in the Civic and Accord Segments?
Or maybe Honda is kicking back some of those earnings to GM so they can get out of those Segments.
Just because GM will allow Honda to utilize their First Gen Ultium Tech doesn’t mean they aren’t competitors.
Honda won’t always need GM EV Tech they will develop their own down the road or they will simply not be able to survive the Future switch to BEV’s only.
As I understand it GM will be using Honda Engines in their ICE cars in the near future.
That is exactly how I see it too. Honda will get to utilize GM Ultium Tech until they can produce their own. And in the meantime GM will get to use some Honda ICE Tech so GM doesn’t have to spend more on certain ICE Tech in the near term.
What happens if the Hummer EV takes out the wall they use to do crash tests?
It’s the same old boomers getting upset about GM investing in EVs are the same old farts that need their children to help them out getting logged into their bank accounts 🤣. If it keeps GM innovating quit getting triggered. Enjoy the ICE cars now, then when it’s time try out the EVs. We’re at a point where the gas engines can only get so far. EV cars make getting to 60 mph in 3 seconds for cars like the Malibu and enclave. What’s wrong with that? It’s badass
You do realize that electric cars are not some new innovation right? You also do realize that it’s being done more for a political agenda than something that is actually going to be embraced by the public. And you do realize that everyday cars like the Bolt, the eventual Malibu replacement and huge heavy CUV’s like the Enclave and others in this class are not going to be anywhere near 3 seconds 0-60 fast? To currently get an electric that does 3 seconds to 60 or less makes it unobtainable for the average person and I highly doubt they are going to put such dangerously fast vehicles in just any model they sell unless you pony up or it’s a sports type or luxury vehicle. Tesla offers Ludicrous mode as an option but that drains the battery really fast according to a friend that owns a Model 3.
Model 3 does not have ludicrous mode (not an available option on 3 or Y yet) I have a model Y, and I drive it just like I would a Camaro, or my old G8, I do not really notice a huge penalty using the power, its not like (5) 0-60 runs drains the battery, maybe (100) 0-60 runs would? Its flat out impressive though, the car drives very light for a 4400 lb car, that instant throttle makes all the difference.
Yup that’s correct but I think my friend was referring to his uncle’s model S P90D when he was saying how using it depleted the battery quickly. Keep in mind his Model S is 3-4 years old and was retrofitted with Ludicrous as an upgrade.
The entire World is going All BEV’s what are you talking about?
A Tesla Model 3 DOES NOT offer Ludicrous Mode. It is a sedan that does zero to sixty in 3.1 seconds and you can do that at pretty much every Red Traffic light. It is intoxicating.
Tesla just started selling a Family sedan that according to Motor Trend does Zero to Sixty in 1.98 seconds…over and over and over again.
A freaking Kia CUV is going to do 0-60 in 5.2 seconds. It is a whole new World out there.
I absolutely love driving my Model 3. It has plenty of room and amazing performance that I can actually utilize on a daily basis.
Did you even read my response. I know a model 3 doesn’t offer Ludicrous mode. My friend was referring to the larger Model S. And not all Model 3’s do 0-60 in 3.1 seconds so your full of crap. And yes sheep herding the public into buying electric cars is a very left agenda that they have been after for the better parts of 40 years by creating scare tactics and doom and gloom scenarios, canceling oil leases, killing our energy independence and canceling the pipeline deal that would have reduced pollution and created thousands of jobs. I know because I have been following this since the 70’s when the left said we would all be under water and dead by the 1990’s.
When did I say ALL Model 3 variants do zero to Sixty in 3.1 Seconds? The Dual Motor is 4.2 Sec
Sheep? You are calling people that realize that the entire World is Transitioning to BEV’s Sheep when you are talking about a Pipeline that ONLY Certain Political Sides Discuss?
You do realize in Europe there are Left Wing and Right Wing Political Parties correct? They are ALL Switching to BEV’s.
I have left leaning and right leaning Friends and Family that Drive EV’s.
Stop making it Political. It isn’t.
GM is 2 for 2 betting on the wrong horse on new technology. Nikola and Lordstown Motors. And no one is asking why Barra still has her job. In the real marketplace the Spark inventory is less than 30 days, the Bolt inventory is bloated and stagnant.
GM did not bet on either of those companies… No deal with Nikola, and they paid Lordstown to take a crappy old factory off their hands (addition by subtraction) . Do you know how much it costs to demo an old factory and reclaim the land? hundreds of millions of dollars. GM put $75 million into Lordstown, and got rid of a major liability on their balance sheet, and don’t forget GM still has their Lordstown stock which is trading today, higher than their cost. If GM sold today, they would be profitable, and be rid of that factory, win-win!
Dealers around me have no Bolt’s, they blew them out, now the refresh models are arriving and selling as soon as they hit the ground…
All this wonderful spending and investment will be a waste and bankrupt GM all over again if the public doesn’t embrace EV’s.
Plain and simple.
It seems like the Automakers are moving in lightening speed towards the EV future, but the utility companies across this nation are panicking and scared to death knowing that in many states, such as California, the daily charging of an EV will ruin the grid and if blackouts become a common occurrence because more people are buying EV’s, it could become a dangerous situation for us here in this state. Rolling blackouts can last days and imagine what that would do to ones perishable food in refrigerators?
All I know is, everyone in SoCal received a Flex-Alert today regarding the heat wave this week and the utility companies want us to conserve energy from 5 pm-10 pm.
Really?? The times when everyone is usually getting off work, cooking dinner, doing laundry, cleaning up, having all the lights on and the TV etc..Thats an unrealistic demand put forth onto the public that the majority will just ignore because they have no other choice.
To have a Flex-Alert so soon when it’s not officially summer yet, and the fact that the utility company will increase your rates during this time is absolutely insane and wrong.
Imagine all the EV owners that need to charge their vehicles and how much more expensive their monthly bill will be during the hot summer months?
It’s simple not practical and I can see charging expenses skyrocketing over time if EV’s become mainstream. Then everyone will wish they had their ICE cars back.
nothing like being run over and electrocuted at the same time.