US-based auto manufacturer General Motors (GM) is planning to increase its investments in electric vehicles (EV) by $8bn from $27bn to $35bn, in addition to setting up two new EV battery factories, according to media reports.
In November 2020, GM had increased its pre-planned investment in electric and automated driving vehicles from $20bn to $27bn by 2025 with a target of 40pc EV sales.
GM President Mark Reuss was quoted in media saying two new EV battery plants will be officially announced this week — which will be in addition to the two battery cell plants announced in the past two years.
The location of the plants in US, expected to cost around $2bn each, is yet to be decided.
The battery roadmap of the company are in sync with its plans to ramp up EV production with 30 new EVs globally by 2025.
GM and its Korean partner LG Energy Solution are already building a battery plant in Ohio and plan to build the second plant in Spring Hill, Tennessee.
GM is also going to supply electric batteries and hydrogen fuel cell systems for rail supplier Wabtec Corp’s locomotives.
A senior GM official has recently said the automaker wants to exceed annual EV sales of 1mn in US and China by 2025.