American automaker General Motors (GM) has announced a $27bn investment in its electric vehicle program that offers 30 EV models by 2025.
The company has increased its initial investment of $20bn, planned at the start of 2020. It will now dedicate more than half of its Capex toward EV development. GM’s subsidiary Cadillac will also debut its first fully electric car in Q1 2022.
Apart from the EVs, the funding will be used for the research and development of the firm’s new Ultium battery cells, which will power all the new models. Manufacturing of these nickel-cobalt-manganese-aluminum cells will be undertaken through a new JV with LG Chem, named Ultium Cells LLC. GM aims to bring prices of EVs on par with combustion engine cars by lowering the cost of cathode production and more efficient and compact cell design.