15 minutes ago
Reuters
Barra said EVs could help GM expand sales in the United States by as much as 280,000 vehicles a year in coastal states where the company's brands are weak. "We want to be No. 1 in EVs in North America," Barra said.
GM plans to increase spending on electric and autonomous vehicles to $27 billion by 2023, up 35% from previous disclosed plans, she said. The automaker also plans to speed the launch of a dozen new electric models.
GM's ambitions to be the leading electric vehicle producer put it on a collision course with Tesla and German automaker Volkswagen AG, which last week outlined an $86-billion electric vehicle investment plan. GM and VW compete head to head in China.
GM shares rallied into positive territory after Barra outlined her EV strategy. Tesla shares were up 3% on Thursday, pushing the carmaker toward a $475-billion market capitalization that is almost eight times greater than GM's.
Some investors have pressed Barra to separate GM's electric vehicle operations from the automaker's profitable, legacy internal combustion business. Asked about a spinoff of GM's skateboard or battery operations, Barra said, "We don't think it has to be separated."
Instead, Barra emphasized the advantages she sees in integrating internal combustion and electric vehicle businesses, noting that EVs can share up to 70% of the components used in traditional vehicles.
GM will boost battery-making capacity at the plant it is building in northeast Ohio with South Korea's LG Chem and will increase the number of plants in which it builds electric vehicles, Barra said. |
