Tuesday, December 6, 2022
News GM About to Increase EV Spending: Report

GM About to Increase EV Spending: Report

New spending announcement expected tomorrow

  • More spending equals more EVs more quickly

  • Automaker still struggling to respond to modern EVs


General Motors is expected to announce that it’s expanding and speeding up its electric car strategy, Reuters reports, saying that that automaker wants to convince investors that it’s serious about the alternative power vehicles and that it can compete with startup automakers like Tesla.

Company CEO Mary Barra is set to speak at a conference tomorrow where she is expected to announce that GM will spend more than the $20 billion already pegged for EVs by 2025, the report said.

Included in that spending is said to be a pulling forward of Cadillac‘s EV strategy. The brand was already planning to move to mostly electric by 2030, with their first EV in 2022, but the move could pull that all the way to 2025.

Other sources, Reuters reports, said that GM would also be accelerating EVs in other brands and segments like commercial vans. Ford just announced its own electric cargo van, and while the two automakers have taken very different van strategies (Ford with a Euro-style van and GM with the well-aged body-on-frame traditional vans) EVs offer some serious commercial fleet benefits.

GM has faced criticism when it comes to its EV launches so far, for revealing the vehicles far earlier than would be normal. The Cadillac Lyriq, for example, was revealed earlier this year but won’t see production until late 2022, while the just-shown Hummer EV will see a similarly long lead time. Increased spending could move forward production starts for these important models. GM execs have already mentioned the Hummer EV’s far faster than usual development time, with the project started just 18 months before the recent reveal.

 

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