Jun 16, 2021 - 11:07 am

GM is planning billions in EV investment & battery production

General Motors wants to increase its investments in electric and automated driving vehicles again by 2025, from the last planned 27 billion to 35 billion US dollars, according to a media report. Meanwhile, GM offshoot Cruise has presented the first nearly 100 pre-production models of its Cruise Origin.

In November 2020, General Motors announced its intention to increase its investment in electric and automated driving vehicles from 20 to 27 billion US dollars by 2025 – garnished with the prospect of 30 purely electric models worldwide and electric car sales of 40 per cent by 2025 as well. Now Reuters, citing people privy to the plans, writes that GM wants to add another 8 billion dollars to the investment. Interesting detail: less than a month ago, US competitor Ford had already announced its intention to increase its e-mobility spending by 8 billion dollars to a good 30 billion dollars by 2030.

According to various media, part of GM’s additional investment is to flow into two more battery factories in the USA. The Associated Press news agency, citing statements by GM President Mark Reuss, reports that the plans for these additional battery factories will be officially announced this week. However, according to other sources, the company has not yet decided exactly where the plants will be built.

GM is already building a battery plant with LG Energy Solution in northeast Ohio, and Ultium Cells, the joint venture of the two companies, plans to build a second plant in Spring Hill in the US state of Tennessee. The opening of the 2.3 billion dollar factory is planned for 2023. The background to the battery initiative is that GM wants to completely abandon the internal combustion engine by 2035.

Meanwhile, Cruise, the General Motors offshoot for self-driving cars, has produced the first nearly 100 pre-production models of the Cruise Origin electric vehicle presented in early 2020 for ridesharing use. The Origin is designed for driverless use and therefore does not provide a traditional seat for the driver. Instead, up to six passengers sit opposite each other in a 3+3 seating configuration.

The pre-production models will undergo an intensive testing and validation process this summer, according to Cruise. To commercialise the vehicles, the company now also says it has received a $5 billion line of credit from GM Financial. As reported, production for the autonomous electric pod is currently being set up at GM’s ‘Factory Zero’ in Detroit-Hamtramck.

msn.com (budget), apnews.com (battery production), getcruise.com (Cruise)

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Found on electrive.com
https://www.electrive.com/2021/06/16/gm-is-planning-billions-in-ev-investment-battery-production/
16.06.2021 11:21