GM Doubles Commitment to Electric Vehicles, Increases Spending to $ 27 Billion

General Motors is embarking on electric vehicles, increasing its commitment to electric vehicle development to $ 27 billion over the next five years and devoting more than half of its capital spending to its electric vehicle programs.

Between Cadillac, GMC, Chevrolet and Buick, GM aims to have 30 different electric vehicle models that cover the spectrum from work to family use by 2025.

TESLA TURNS INTO MORE THAN A CARMAKER

A breakthrough in GM battery technology will make this all-electric future possible.

The next generation of Ultium batteries are expected to have twice the energy density while costing 60% less, giving the cars a range of 450 miles.

“GM’s electric vehicle development times are accelerating and costs are falling rapidly, so we expect our Ultium EV programs to pay off in the first generation,” said Doug Parks, executive vice president of development at GM. GM’s products, purchasing and supply chain. Thursday.

The GMC HUMMER EV 2022 is designed to be an off-road beast, with all new features developed to conquer virtually any obstacle or terrain.

LORDSTOWN MOTORS ALL-ELECTRIC TRUCK CONTROLS INPUT

GM recently unveiled the HUMMER EV, a zero-emission all-electric supertruck that will be available in 2022.

The first edition of the 1,000-horsepower SUV will cost $ 112,595, followed by cheaper versions in the future.

GM has announced that Cadillac will lead the company forward in its transition to a fully electric future. That model is the Caddilac LYRIQ, which will arrive in the first quarter of 2022. (General Motors)

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

GM also announced in August that the Caddilac LYRIQ will go on sale in late 2022 for less than $ 75,000.

In China, GM dominates the electric vehicle market with its Wuling Hong Guang Mini EV, which was the country’s most popular electric vehicle in the third quarter.

The Hong Guang Mini EV, which is less than 3 meters long and costs just $ 4,400, sold 55,781 units in the last quarter, compared to the 35,283 Tesla Model 3 units in second place. The Model 3 has starting prices between $ 37,000 and $ 41,000.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS