General Motors Corporation, the largest auto maker in the United States by sales, said it will increase spending from 20 to 27 billion dollars until 2025 to develop electric and self-driving cars, according to the American Wall Street Journal.
Today, electric cars represent only about 2% of global sales to General Motors and other manufacturers, but with the dramatic rise in ratings for electric car companies such as Tesla, car makers are racing to compete in this area, while investors see the electric car sector as a great next growth opportunity.
GM chief product development Doug Parks said the company wants to be a leader in this area, Tesla has made a good leap and has done great things, and there are a lot of startups and competitors.
General Motors CEO Mary Barra said the company had manufacturing and sales capabilities that would enable it to outpace Tesla as the leader in electric vehicle sales in North America.
For its part, Ford said it was spending $ 11.5 billion to develop and produce electric cars over a five-year period ending in 2022, and Volkswagen said it would increase its spending to about $ 41 billion over the coming years.
Competition among traditional car makers continues to shift towards the production of electric cars, especially with several countries announcing to ban the sale of cars that run on gasoline and diesel in the coming years to preserve the environment.
General Motors expects the cost of batteries for its electric vehicles in 2025 to be about 60% less than those used in its current electric vehicle, the Chevrolet Bolt.
GM said that 40% of the cars it will sell in the United States by the middle of the next decade will be fully electric, and there will be more expensive models such as the Hummer pickup at $ 113,000 that will go on sale late next year, in addition to cheap models of up to $ 30,000.
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