GM doubles down on commitment to electric vehicles, increases spending to $27B
GM unveils first electric Hummer that can go from 0 to 60 mph in 3 seconds
General Motors unveils its first election Hummer. FOX Business’ Jeff Flock with more.
General Motors is going all-in on electric vehicles, increasing its commitment to electric vehicle development to $27 billion over the next five years and devoting more than half of its capital spending to its electric vehicle programs.
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Between Cadillac, GMC, Chevrolet and Buick, GM is aiming to have 30 different electric vehicle models that span the spectrum from work to family use by 2025.
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The next generation of Ultium battery packs is projected to have twice the energy density while costing 60% less, giving the cars a 450 mile range.
“GM’s EV development times are speeding up and costs are going down rapidly, so we expect our Ultium EV programs to be profitable from the first generation on,” Doug Parks, GM executive vice president of Global Product Development, Purchasing and Supply Chain, said Thursday.