To compete Tesla, GM to spend $20 Billion in Electric & autonomous vehicles

General Motors will spend more than $20 billion on its next generation of all-electric and autonomous vehicles. This is expected through 2025. This aims to compete with Tesla Motors considering the market demands in electric vehicles.

Essence :

  1. The push aims competition with Tesla Motors.
  2. 11 new EVs discussed already.
  3. Shares of GM were up nearly 2% to $31.03 per share after the announcement.
  4. GMC Hummer pickup and Cadillac crossover to launch first by 2022.
  5. Electric Vehicle Platform powered by proprietary “Ultium” batteries.
  6. 3,500 New EV Charging Plugs At Company Facilities Across US & Canada.

Electric vehicle GM

11 new all-electric vehicles including 20 new models discussed by GM on Wednesday as part of its plans through 2025. Though the company declined to break down on how much of the $20 billion would go specifically to all-electric vehicles but said that the amount includes the capital and engineering resources. “This is a huge opportunity for us. The biggest opportunity any of us has ever seen for this company, certainly,” GM President Mark Reuss said. “And we are all-in. It represents a chance to reinvent the company and reset our brands. It will change this company and people’s perception of it forever.”

GM said that its new all-electric vehicles will be capable of 400 miles or more, charge more than 100 miles in 10 minutes and accelerate from zero to 60 mph in as low as three seconds.

The most notable vehicles are GMC Hummer pickup and SUV, a Chevrolet pickup and a “flagship” Cadillac car and a large Escalade-sized SUV. GM during the show focuses that its next-generation of all-electric vehicles will be profitable and retain its coveted profit margins, due to a significant decrease in battery cell costs.

“There is much, much more to come,” GM CEO and chairman Mary Barra said. “I really believe this is a historic moment for General Motors. We changed the world before and we’re going to do it again. We are aggressively going after every aspect of the EV ecosystem because we need millions of EVs on the roads to make a meaningful impact toward building a zero-emission world.”

The first all-electric vehicle with the new technology will be the GMC Hummer pickup going on sale in the fall of 2021, followed by a Cadillac crossover for the U.S. in 2022.

Image: CNBC