By: ICN Bureau
Last updated : June 17, 2021 7:57 am
The company is increasing its investment to scale faster because momentum is building in the United States for electrification
General Motors will increase its EV (Electric Vehicle) and AV (Automated Vehicle) investments from 2020 through 2025 to $35 billion, representing a 75 percent increase from its initial commitment announced prior to the pandemic.
The company’s enhanced commitment will accelerate it to become the market leader in EVs in North America; global leader in battery and fuel cell technology through its Ultium battery platform and HYDROTEC fuel cells; and through Cruise, be the first to safely commercialize self-driving technology at scale.
GM Chair and CEO Mary Barra said, “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.”
GM will accelerate plans to build two new battery cell manufacturing plants in the United States by mid-decade to complement the Ultium Cells LLC plants under construction in Tennessee and Ohio. The details about these new U.S. plants, including the locations, will be announced at a later date.
The company has also signed a memorandum of understanding to supply Ultium batteries and HYDROTEC fuel cells to Wabtec Corporation, which is developing the world’s first 100 percent battery-powered locomotive. Separately, GM will supply HYDROTEC to Navistar, Inc., which is developing hydrogen-powered heavy trucks to launch in 2024, and Liebherr-Aerospace, which is developing hydrogen-powered auxiliary power units for aircraft.
Lockheed Martin and GM also are teaming up to develop the next generation of lunar vehicles to transport astronauts on the surface of the Moon, leveraging GM’s expertise in electric propulsion and autonomous technology.