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 and autonomous vehicle programs.
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.
A breakthrough in GM's battery technology will make this all-electric future possible.
The next generation of Ultium battery packs is projected to have twice the energy density while costing 60% less, providing some models with 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.
GM recently unveiled the HUMMER EV, a zero-emissions all-electric supertruck that will be available in 2021.
The first edition of the 1,000 horsepower SUV will go for $112,595, followed by less expensive versions in the future.
GM also announced in August that the Cadillac LYRIQ will go on sale in late 2022 for less than $75,000, but has now moved that to early 2022 at a starting price under $60,000.
In China, GM is dominating the electric vehicle market thanks to its Wuling Hong Guang Mini EV, which was the country's most popular electric vehicle in the third quarter.
The Hong Guang Mini EV, which is less than 10 feet long and costs just $4,400, sold 55,781 units in the last quarter, compared to second place Tesla Model 3's 35,283 units sold. The Model 3 has starting prices between $37,000 to $41,000.