General Motors hits the gas on electric and autonomous push

New York – General Motors is hitting the accelerator on its drive towards electric autos, significantly boosting its near-term investments as it unveils new models and builds production capacity. The biggest U.S. automaker announced it would raise spending by 30% to $35 billion through 2025 and plans to build two additional battery cell plants. Some of the funds also will go to its autonomous vehicle program. The company cited strong consumer reception to its early electric vehicle (EV) models and beneficial public policies as factors that give it confidence the investment will pay off. "GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio," said Chief Executive Mary Barra. "There is a strong and growing conviction among our employees, customers, dealers, suppliers, unions and investors, as well as policymakers, that electric vehicles and self-driving technology are the keys to a cleaner, safer world for all."