GM To Spend $35 Billion On EVs And Autonomous Vehicles Up 30 Percent By 2025

DETROIT — General Motors said it will increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30 percent increase from plans announced late last year.

The additional money will be used to expand its rollout of EVs and accelerate production of its battery and fuel cell technologies, including two new U.S. battery plants in addition to two under construction, by 2025.

America’s largest automaker is racing to catch up to EV leader Tesla and compete for a leadership position against other well-established automakers such as Volkswagen. GM plans to sell more than 1 million EVs annually by 2025.