Detroit (USA)
According to Reuters,
General Motors will increase spending on autonomous and electric vehicles to
$35 billion by 2025 through a 30% jump in the company’s spending as it aims for
leadership in EVs.
General Motors
Co, the No.1 US automaker, will also build two additional battery plants as a
part of its spending, said the sources. The company announced its spending plan
of $20 billion in March before the Covid-19 pandemic, but this figure was
increased in November.
According to the
sources, Mary Barra, Chief Executive, GM will meet U.S. House Speaker, Nancy
Pelosi, and other key Democrats on Wednesday to discuss electric vehicles and
vehicle emissions. She also said that the company wants to exceed annual sales
of 1 million EVs in the US and China by the end of 2025.
The company has
extended its support in emissions reductions in California's 2019 deal with
other automakers. GM has also planned to announce two new battery plants,
according to the press reports. The location of these plants is yet not
finalized but it is expected to cost more than $2 billion. GM has confirmed that it will roll out new EVs in
November and has a plan to launch 30 models in the world by 2025.
A bill has been
passed which offers 30% tax credit to companies who produce advanced energy
technologies like batteries. This will benefit GM’s battery plans.
Source – ET Auto
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