General Motors secured its pivot to a high-tech future Wednesday by announcing plans to convert more assembly plants in North America to make electric vehicles by the end of the decade and to double company revenues by that time as it unveils more software and new EVs. GM leaders are expected to reveal new technology, such as an advancement to the automaker's hands-free driving system, as well as more EV products, including a new Chevrolet SUV EV priced at $30,000, during its annual Investor Day presentation, starting at 1 p.m. ET. "Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center," said CEO Mary Barra. "GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future." Barra emphasized that no hourly workers will lose their jobs in the transition to electric and GM continues to hire salaried employees who have a background in technology and digital software. "Late last year we hired 3,000 employees and this year alone we've hired 8,000 salaried workers especially in the technology, digital and the software space," Barra said.

General Motors will raise its spending on electric and autonomous vehicles and add two U.S. battery factories as it gambles that consumers will eagerly switch from gasoline to the new technology. The announcements Wednesday came as crosstown rival Ford said its entire Lincoln luxury brand lineup would be electric or gas-electric hybrid by 2030, including four fully electric vehicles. For months, the automakers have been one-upping each other with electric vehicle announcements, which have fueled stock price increases for both companies. GM wouldn't give details about where it will build the new plants, but Chief Financial Officer Paul Jacobson said they would be similar in size to two factories now under construction in Lordstown, Ohio, and Spring Hill, Tennessee. Those factories each will employ more than 1,000 workers and cost about $2.3 billion.