GM to motor up EV investments by $35bn

The commitment represents a 75% increase from its initial pledge made before the pandemic

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General Motors (GM) has announced it will increase electric vehicle (EV) investments by $35 billion (£25bn) within the next four years.

The commitment represents a 75% increase from its initial pledge made before the pandemic.

The car manufacturer has set an aim to build two new battery plants in the US by 2025 and has joined forces with Honda to build two EVs that use Ultium batteries, which GM claims are smaller than conventional EV batteries, provide faster charging and offer more range.

Mary Barra, GM CEO, said: “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.

“GM is targeting annual global EV sales of more than one million by 2025 and we are increasing our investment to scale faster because we see momentum building in the US for electrification, along with customer demand for our product portfolio.”