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Exclusive: GM to Increase Electric Vehicle Spending by 30%, Add Two New Battery Plants

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Exclusive: GM to Increase Electric Vehicle Spending by 30%, Add Two New Battery Plants
© Reuters. FILE PHOTO: The new GM logo is seen on the facade of General Motors headquarters in Detroit, Michigan, USA, March 16, 2021. REUTERS / Rebecca Cook

By David Shepardson

WASHINGTON (Reuters) – General Motors Co (NYSE 🙂 will increase global spending on electric and autonomous vehicles to $ 35 billion through 2025, a 30% jump from its most recent forecast as it pursues leadership in electric vehicles, they told Reuters people informed about the matter. .

As part of that spending, the No. 1 US automaker will build two additional battery plants in the US and advance some of its investments in electric vehicles, said the sources, who asked not to be named. In November, GM increased its spending plans to $ 20 billion, a figure that was announced in March before the COVID-19 pandemic shut down the auto industry.

The Detroit company declined to comment.

The expected announcement of an increase in spending from GM comes less than a month after rival Ford Motor (NYSE 🙂 Co increased its spending on electric vehicles by more than a third to more than $ 30 billion by 2030.

The $ 65 billion in combined commitments from the largest U.S. automakers, as well as increased spending from electric vehicle leader Tesla (NASDAQ 🙂 Inc and startups, including Lucid and Rivian, reflect the The electric vehicle arms race that has left some automakers like Lordstown Motors Corp struggling to raise more funding.

Additionally, GM CEO Mary Barra will meet with US House Speaker Nancy Pelosi and other key Democrats on Wednesday to discuss electric vehicles and vehicle emissions, the sources said.

Barra will also meet with U.S. Rep. Richard Neal, Ways and Means Committee chairman of fiscal policy, Frank Pallone, who chairs the Energy and Commerce Committee, and two key Michigan Democrats: Rep. Dan Kildee and Debbie Dingell. sources said.

WOOING WASHINGTON

Working with Washington is critical, as President Joe Biden has proposed $ 174 billion to power electric vehicles and charging as part of his infrastructure plan, including $ 100 billion in new electric vehicle rebates. GM’s ability to benefit from the current federal electric vehicle tax credit of $ 7,500 has expired.

GM has argued with Democrats about vehicle emissions rules, but said last week it supported blanket emissions reductions in California’s 2019 deal with other major automakers. It has also sought more flexibility to meet the carbon reduction target by 2026.

The Associated Press reported Monday that GM planned to announce two new battery plants in the United States, citing comments from President Mark Reuss. GM confirmed the executive’s comments, but sources said the company has not decided where in the United States to build the plants, which are expected to cost more than $ 2 billion each.

In January, GM said it was setting a goal of selling all of its new cars, SUVs and light pickups with zero tailpipe emissions by 2035, a dramatic shift away from gasoline and diesel engines.

GM and its South Korean joint venture partner LG Energy Solution are already building a battery plant in Northeast Ohio and have announced that a second $ 2.3 billion battery plant will be located in Spring Hill, Tennessee.

GM confirmed in November that it would accelerate the launch of new electric vehicles, with plans to offer 30 models globally by 2025, up from a previous target of 20 by 2023. Barra said the automaker wants to exceed annual sales of 1 million. of electric vehicles in the United States. United States and China by 2025.

On May 26, a Senate committee advanced legislation that would increase tax credits to $ 12,500 for electric vehicles assembled by unionized workers in the United States. The current maximum tax credit is $ 7,500.

The bill also includes a 30% tax credit for manufacturers to modify or build new facilities to produce advanced energy technologies, including batteries. That would be a big boost for GM’s battery factory plans.

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