Friday, July 1, 2022
News General Motors Spending Billions on EVs, Slashing Development Times

General Motors Spending Billions on EVs, Slashing Development Times

GM spending $35b on EV and AV in next four years

  • Hummer EV from idea to market in half normal time

  • Target of 40 percent of lineup electrified by end of 2025


General Motors announced yesterday that it was going to spend even more on autonomous and electric vehicles. Pulling EV launches forward and working to a goal of having 40 percent of it’s U.S. lineup electrified by the end of 2025.

The effort means an extra $7 billion in spending, now US $27B (CAD 35B), up from US $20B (CAD 26B) that was previously planned. It means accelerating the already quickened development programs of the GMC Hummer EV and the Cadillac Lyriq, as well as those of other GM electric vehicles the company isn’t yet ready to reveal. It means 3,000 new engineers working on electrical systems, infotainment, and controls engineers, plus software developers for a number of platforms.

More than half of GM’s capital spending and product development team will be devoted to EV and AV programs, GM says, with achievements like the Hummer EV’s development time being slashed from the normal 50 months to just 26 and setting a new company benchmark. The Lyriq will now be nine-months earlier than planned.

“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” said CEO Mary Barra. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”

GM expects to launch 30 EVs globally by 2025, with two thirds available in North America. That includes all GM brands here, and GM says will include all price points. The automaker says that its Ultium battery system, now in second-generation development will delivery twice the energy density and half the cost of current chemistry, which is itself already 40 percent lower than the cost of a Bolt EV battery.

“Ultium is already changing the way customers – and investors – view our company,” Barra said. “We are resolved as a management team to move even faster to expedite the transition to EVs. The all-electric future we are building integrates all the things we do better than anybody else”

 

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