(General Motors) General Motors Co. has said it will raise its EV and AV investments by 75%, or $35 billion up to 2025.
GM aims to become a market leader in the North American EV industry and lead globally in battery and fuel cell technology.
The increase in allocation follows another $20 billion announced in March 2020 to enhance the company’s transition to EVs and AVs between 2020 and 2025.
GM also increased investments in EVs and AVs between 2020-2025 to $27 billion in November 2020.
Strong demand for automobiles is expected to push GM to its projected first half EBIT of between $8.5-$9.5 billion.
GM: NYSE is up +2.40%.