General Motors solidifies its commitment to producing electric vehicles with its recent announcement confirming an additional $7 billion to electric and autonomous technologies. The automaker also revealed it is working to launch no less than 30 EVs on the market by 2025.
When GM CEO Mary Barra previously said the company is looking to sell one million EVs in the next five years, it seemed a little bit of a reach, considering the lack of EV models in the lineup.
Now, with GM’s recent revelation, the goal is starting to shape up for the Detroit-based manufacturer.
GM currently has $27 billion of funds channeled toward electrification, including a recent allotment of $20 billion. Before fully committing to 30, it initially targeted introducing 20 EV models by 2023.
The automaker said this was possible because of the flexibility of its Ultium platform, which can reportedly be adapted to a wide array of vehicles. Moreover, the platform can provide a range of up to 450 miles to the vehicles, compared to the 400 miles GM previously claimed in March.
With the increase of EV production, GM expects to gain about two-thirds of the market share in North America. More importantly, it sees a potential drop in the cost of Ultium batteries by as much as 60%. This, according to the company, can help bring the batteries “closer to cost parity with gas-powered engines.”
By the time the new EVs arrive in 2025, GM is looking to ready the second-generation of its Ultium batteries, which are deemed to have twice the energy density of the current units.
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” Barra said in a press release. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth.”
Some EVs shared by the automaker through its 2019 Sustainability Report include several crossovers and “low roof entries” from the Cadillac brand, on top of the Lyriq and Celestiq, as well as a full-size pickup from GMC aside from the Hummer pickup and SUV EVs.
For Chevrolet, the Bolt EUV is set to join the lineup alongside a pickup, crossover, and other “low roof entries,” while Buick is expected to get an electric crossover.