General Motors to Boost EV and AV Investment to $35B Through 2025

General Motors Co. in Detroit has announced it will increase its EV and AV investments from now through 2025 to $35 billion, a 75 percent increase from its commitment prior to the pandemic.
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GMs Ultium battery model
General Motos Co. announced an increase in EV and AV investments to $35 billion through 2025, advancing Ultium battery cell technology (above) and HYDROTEC hydrogen fuel cells. // Courtesy of General Motors

General Motors Co. in Detroit has announced it will increase its EV and AV investments from now through 2025 to $35 billion, a 75 percent increase from its commitment prior to the pandemic.

This news comes after GM announced a partnership with Pittsburgh-based Wabtec Corp. yesterday to develop a solution for battery-electric locomotives. This investment reflects the company’s goal to lead the market in battery and fuel cell technology, and to become the first to safely commercialize self-driving technology at scale.

“We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,” says Mary Barra, CEO and chairman of GM. “GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.”

New investments and collaborations span the U.S. The Ultium battery cell — GM’s electric vehicle solution — will be built in two new U.S. facilities by 2025 to accompany the Ultium Cell LLC plants under construction currently in Tennessee and Ohio.

The Ultium batteries will be used in a collaboration with Honda to build two EVs, one SUV for the Honda brand, and one for the Acura brand. GM will supply its HYDROTEC hydrogen fuel cells to Illinois-based Navistar Inc., which is developing heavy trucks powered by the tech expected to launch in 2024.

The company also has confirmed plans today to launch the third generation of the fuel cells that have greater power density and lower costs by mid-decade.

In November 2020, GM announced it would deliver 30 new EVs by 2025 globally, with two-thirds available in North America. Through the additional investments announced today, GM will add to its North America plan new electric commercial trucks and other products that will take advantage of the Ultium platform.

Cruise, GM’s majority-owned subsidiary, recently became the first company to receive permission from regulators in California to provide a driverless AV passenger service to the public.

GM Financial will provide a multi-year, $5 billion credit facility for Cruise to scale its Cruise Origin fleet. Developed through a partnership between GM, Honda and Cruise, the Cruise Origin will be built at GM’s Factory ZERO Detroit-Hamtramck Assembly Center starting in early 2023.

“There is a strong and growing conviction among our employees, customers, dealers, suppliers, unions and investors, as well as policymakers, that electric vehicles and self-driving technology are the keys to a cleaner, safer world for all,” Barra says.

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