GM to Invest 30 Trillion Won in Electric Vehicles by 2025: "Will Surpass Tesla"

$27 Billion Investment by 2025
Electric Vehicle Model Development Schedule Also Accelerated

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] General Motors (GM) has increased its investment costs to become a leading company in the development of electric vehicles and autonomous driving cars. It also decided to accelerate the development schedule of newly launched electric vehicle models.

According to the Wall Street Journal (WSJ) on the 19th (local time), GM announced that it will invest $27 billion (about 30 trillion KRW) in the electric vehicle sector by 2025. This is about 30% more than the $20 billion announced in March. Currently, electric vehicles account for only 2% of GM's total sales, but more than half of the capital expenditure over the next five years will be invested in electric vehicles.

Doug Parks, GM's head of product development, expressed his ambition, saying, "We will be a leading company in this field."

In addition, GM plans to launch about 30 new electric vehicle models by 2025, leveraging the expanded investment. This is an increase of 18 models from the 12 models originally planned in March.

GM initially announced plans to convert its Cadillac series entirely to electric vehicles by 2030, but it has moved this forward by five years to 2025 and also accelerated the development schedule of the GMC Hummer, a pickup truck model converted to an electric vehicle.

A GM insider said, "The electric vehicle development schedule for the pickup truck model Hummer has also been moved up by 18 months," adding, "The company is more than doubling the speed of product development."

Through this, GM aims to increase its global electric vehicle sales to 1 million units by 2025.

GM CEO Mary Barra attended the Barclays investment conference and said, "GM will grow in manufacturing and sales scale and eventually surpass Tesla as the leading electric vehicle seller in the North American region."

This content was produced with the assistance of AI translation services.