GM accelerating EV plans with $27 million investment

GM hitting the accelerator on EVs

General Motors is putting its foot on the accelerator to speed up its rollout of electric vehicles.

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The automaker was planning to introduce 20 all-electric models globally by 2025, but is now increasing that to 30.

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CEO Mary Barra told the Barclays Automotive Conference on Thursday that the company is targeting one million electric vehicle sales annually by mid-decade and will spend $27 million on EVs and autonomous vehicles to get there, up from a previously announced $20 million.

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Doug Parks, GM’s executive vice president of product development, said a sub-$30,000 model that can cover 300 per charge is on the horizon and that advancements with the company’s Ultium batteries will allow them to deliver over a 10 percent better range than expected.

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The timeframes for a dozen key vehicle programs have been moved forward that include four each for GMC, Chevrolet and Cadillac. Among them are a GMC pickup separate from the already revealed HUMMER EV, a Chevrolet pickup and a compact Chevrolet crossover.

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Volkswagen last week also updated its electrification plans with a similar goal of 1 million annual sales by 2025 and a $41 billion investment aimed at bringing 70 models to market across its brands by 2030.

The Associated Press contributed to this report