US GM Increases Investment in Electric Vehicles and Autonomous Driving by 30%

Photo by Reuters

[Asia Economy Reporter Yujin Cho] U.S. General Motors (GM) has decided to increase its investment in electric vehicles and autonomous driving by 30% more than originally planned.

According to major foreign media on the 15th (local time), GM will increase its investment in electric vehicles and autonomous driving to $35 billion (approximately 39 trillion won) by 2025, and as part of this, will build two additional battery plants in the United States.

This is about a 30% increase compared to the previously announced investment amount of $27 billion. In January, GM declared its transformation into an electric vehicle company and announced that it would invest $27 billion over the next five years in battery and autonomous vehicle technologies.

GM plans to stop the production and sale of gasoline and diesel engine vehicles by 2035, and produce only electric vehicles for all cars except commercial large trucks.

Ford Motor Company also announced last month that it would increase its investment in electric vehicles to more than $30 billion by 2030.

Foreign media evaluated that the expansion of investment scale by major automakers in electric vehicles shows how fierce the competition surrounding this market is.