SMM: according to reports, sources revealed that GM will launch an electric vehicle expansion and acceleration strategy on November 19, US time, which aims to convince investors that GM is a strong competitor that can compete with Tesla.
GM CEO Mary Barra will speak at a conference hosted by Barclays, saying the company is ready to spend more money on electric vehicles by 2025 than the $20 billion previously planned, according to sources. In addition, GM has said its annual capital expenditure will exceed its previously planned $7 billion by 2023 at the latest.
GM's plan to fully electrify the Cadillac brand by 2030 has accelerated, possibly to 2025, according to suppliers. Other sources say the electrification of other brands and market segments will also accelerate, such as commercial trucks.
As a result, GM will also mention a new timeline to enable many future electric vehicles to keep pace with those already launched, such as the current GMC Hummer electric pickup truck and the Cadillac crossover Lyriq. Lyriq is expected to go into production by the end of 2022. But sources said GM had been accused of launching the new car too late, adding that "it is true that the project is ahead of schedule, and GM is indeed developing products at twice the speed."
Barra and other GM executives have been talking about the electric car acceleration plan on the side. Earlier this month, Barra said GM would increase capital spending over the next three years to accelerate the development of electric vehicles, and said it was in talks with other automakers to develop more cars using GM's battery technology. Last week, a GM executive said the company had launched two "important" electric car projects ahead of schedule, and GM officials claimed that the development of Hummer trucks was only 18 months old.
Tesla's fast-growing market capitalization and increasing pressure from regulators to ban the sale of fuel cars have forced traditional carmakers to respond to investor pessimism about internal combustion engine cars.
A key part of GE electrification is its new Ultium battery, which has a range of 400 miles or more on a single charge. GM is building a battery plant in Ohio in partnership with South Korean battery supplier LG Chemical.
