GM focuses on its electrification strategy and invests 20 billion US dollars within 5 years to build a foothold in new forces

On March 5th, General Motors held an “EV Day” event to reinterpret the core of the company’s electrification strategy, including electric vehicles, modular drive systems, and third-generation global electric vehicles equipped with Ultium exclusive batteries platform.

General Motors said that by 2025, it will invest 20 billion U.S. dollars in electric vehicles and self-driving cars, with the aim of gaining a foothold in the rapidly growing market for new automotive technologies.

As the auto industry shifts to pure electric vehicles, automakers with more than 110 years of history can also compete with Tesla. As part of the company’s plan to 2025, General Motors plans to produce at least 20 new models by 2023.

The company declined to disclose the amount of US$20 billion dedicated to pure electric vehicles, but said that the amount includes capital and engineering resources.

After the announcement, General Motors shares rose nearly 2% to $31.03 per share. General Motors’ stock price has fallen 21.5% in the past year, including a decline of approximately 16% this year. Its latest pure electric vehicle has a driving range of more than 400 miles, can travel more than 100 miles in 10 minutes, and can accelerate from 0 to 60 miles per hour in a minimum of 3 seconds.

GM Chairman and CEO Mary Barra said: “There is more and more to do in the future.” “I believe this is a historic moment for GM. We. The world has changed before, and we will do it again. We are actively exploring all aspects of the electric vehicle ecosystem because we need millions of electric vehicles on the road to have a meaningful impact on building a zero-emissions world.”