GM Escalates the Electric Vehicle Arms Race
DETROIT—General Motors on Wednesday boosted its spending on electric and autonomous vehicles, pulled ahead plans for two U.S. battery plants and forecast stronger-than-expected second-quarter profits. The No. 1 U.S. automaker said it will now spend $35 billion through 2025 on electric vehicles, an increase of 75 percent from March 2020 before the COVID-19 pandemic shut down the industry. Shares of GM were up 1.5 percent in late trading on Wednesday. GM’s additional spending accelerates a global arms race among automakers and technology companies to expand electric vehicle offerings. Consulting firm AlixPartners on Wednesday said investments in electric vehicles by 2025 could total $330 billion, a 41 percent increase from the firm’s comparable five-year investment outlook a year ago. “EV adoption is increasing and reaching an inflection point,” GM Chief Financial Officer Paul Jacobson told reporters on a conference call. “We want to be ready to be able to produce the …
Originally found on the Epoch Times Read More
