General Motors is increasing and accelerating its rollout of all-electric vehicles as the automaker attempts to compete against industry leader Tesla as well as an influx of new competitors in the emerging market.
The Detroit automaker said Thursday it will spend $27 billion on all-electric and autonomous vehicles through 2025, an increase of $7 billion, or 35%, from initial plans announced in March. The increased investment will support GM’s plans to release 30 new EVs globally by 2025, including more than 20 just for North America.
GM said it has moved up the release of 12 electric vehicles, including pickups for its Chevrolet and GMC brands. It is targeting 1 million in global EV sales by 2025.
“We want to lead in this space. We don’t just want to participate, we want to lead,” Doug Parks, GM executive vice president of global product development, purchasing and supply chain, said during a media briefing. “Tesla’s got a good jump and they’ve done great things. They’re formidable competitors … and there’s a lot of start-ups and everyone else invading this space. We’re not going to subside leadership there.”