GM plans to introduce at least 30 EVs globally through 2025, two-thirds of which will be available in North America. The automaker previously said it would have 20 EVs globally by 2023 and spend $20 billion on EVs and autonomous technology.
More than half of the company's capital and nearly 60 percent of its product development team will be dedicated to EV and AV programs, GM said. The automaker is targeting annual sales of 1 million EVs in the U.S. and China by 2025.
GM moved up the production schedules for the GMC Hummer EV, three other GMC EVs, four Chevrolet EVs and four Cadillacs.
The Hummer, which GM revealed last month, was developed in only 26 months. GM plans to adopt that quick development timeline as a standard across its portfolio.
Today, GM's only EV in the U.S. is the Chevy Bolt. The automaker plans to update the Bolt and start selling a crossover version of it next year. GM builds the Bolt at its assembly plant in Orion, Mich. Factory Zero, in Detroit, and Spring Hill, in Tennessee, will be retooled for EV production.
GM also has created an internal organization called EV Growth Operations, led by Travis Hester as chief EV officer.
Hester, who also will retain his role as global vice president of customer experience, reports to President Mark Reuss and North America President Steve Carlisle.
Hester's team is developing UltiFi, a customer experience program that combines the purchase, onboarding and ownership experience into one platform. It's designed to simplify the shopping experience for EV buyers with clear pricing and online vehicle reservations, GM said.
The maximum range of GM's proprietary Ultium batteries has increased to 450 miles, GM said. The automaker plans to break ground on a battery innovation lab and manufacturing technology center for the batteries next year.
Second-generation Ultium batteries, expected by mid-decade, will cost 60 percent less than today's batteries, GM said, narrowing the cost gap between EVs and gasoline-powered vehicles.
"It's OK to take calculated risk on the path to success," Doug Parks, executive vice president of global product development, purchasing and supply chain, said during the Barclays conference. "We will lead EVs and we will do so profitably."
