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Kallanish Kallanish

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August, 1st 2021

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JUN 17
12:53

GM ups EV investment, shoots for the moon with fuel cell deals

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General Motors has confirmed market rumours that it will massively boost its electric and autonomous vehicle investments through 2025, Kallanish learns from a company release. 

The new investment figure is $35 billion, up a full 75% from its initial commitment prior to the Covid-19 pandemic. 

“We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,” says ceo Mary Barra. “GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.”

Priorities will include building two new battery plants in the US to supplement the production already under construction in Ohio and Tennessee. Site locations have not yet been released. 

GM also plans to branch out with its Ultium batteries and HYDROTEC fuel cells: it will share its Ultium technology with Honda; supply fuel cells to Wabtec Corporation for electric locomotives; supply Navistar with fuel cells for a heavy truck line; and supply fuel cells to Liebherr-Aerospace for auxiliary aircraft power units. 

GM is also literally shooting for the moon, by partnering with Lockheed Martin to develop next-gen lunar vehicles. 

GM expects earnings before interest and taxes to reach $8.5-9.5 billion in the first half of 2021 “due to continued strong demand, better-than-expected results at GM Financial, and improved near-term production from the pull forward of semiconductors from the third quarter. 

The second half will be “complex and fluid,” the company says. 

Dan Hilliard USA