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General Motors said it will spend $27 billion over the next five years on the development of electric vehicles and automated technology, a 35% increase that exceeds the automaker’s investment in gas and diesel and is an effort to bring products to market faster.
More than half of GM’s capital spending and product development team will be devoted to electric and electric-autonomous vehicle programs, the company said.
The U.S. automaker is also accelerating its go-to-market timeline and adding more EVs to its portfolio plans. GM laid out Thursday an ambitious plan to bring 30 new electric vehicles to a global market through 2025. The company had previously committed to 20 EVs by 2023. More than two-thirds of those launches will be available in North America and every one of GM’s brands, including Cadillac, GMC, Chevrolet and Buick, will be represented, according to the automaker.
The acceleration of GM’s plans, which includes pushing the launch of its Cadillac Lyriq SUV ahead by nine months to the first quarter of 2022, comes amid a flurry of EV activity in the automotive industry. Numerous startups have announced mergers with special purpose acquisition companies to become publicly traded companies — a move aimed at securing the capital …
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