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GM to boost electric, autonomous investment by $7 billion

General Motors said Thursday it will boost investment in electric and autonomous vehicle technology by $7 billion through mid-decade as it accelerates a technology race with Tesla and other automakers. "Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle," said GM Chief Executive Mary Barra.

"We are transitioning to an all-electric portfolio from a position of strength and we're focused on growth." The US auto giant now plans to spend $27 billion in the newer ventures through 2025, up from the $20 billion planned before the coronavirus pandemic. The boost to capital spending follows an unveiling of the all-electric Hummer truck last month and a series of announcements on building new electric auto manufacturing capacity, including the revamping of older plants.

News source ~ Deccan Herald