General Motors says it will offer 30 all-electric models by 2025, at which point 40% of its US offerings will be battery electric vehicles, the company said this week. GM also announced it is increasing its EV spend to $27 billion by 2025, up from $20 billion planned before the onset of the pandemic.
The company said that more than half of its capital spending and product development team will be devoted to electric and electric-autonomous vehicle programs.
After the GMC Hummer EV, the next EV to launch will be the Lyriq, Cadillac’s first all-electric vehicle, which will arrive in the first quarter of 2022, nine months ahead of schedule, the automaker says.
The move is, in part, a result of increasing regulatory pressure, said Sam Abuelsamid, industry analyst from consulting firm Guidehouse (via CNN).
Last year, Tesla accounted for about three out of every four EVs sold in the US, according to CNBC. GM wants to lead in the space, according to Doug Parks, GM executive VP of global product development, purchasing and supply chain. “We don’t want to just participate, we want to lead,” he said.