General Motors overnight unveiled a new strategy that would see the company invest $2 million to push electric vehicle development and manufacturing.
The Detroit-based company says that it will be investing $2.2 billion in its U.S. manufacturing centers to upscale its production of electric vehicles, under a push from CEO, Marry Barra. The latest investment announcement brings General Motors’ total push to electric vehicles and zero-emissions powertrains to $4.5 billion across three of its manufacturing plants.
All up, General Motors has invested $29 billion into its U.S. manufacturing plants since 2009.
Barra calls it her ‘triple zero’ plan, which aims for the production of vehicles that create zero crashes, zero congestion and release zero emissions in the process. The first two goals refer to General Motors’ investments in machine learning and autonomous driving technology that it hopes will drive a fleet of future vehicles that are significantly safer, as well as smarter.
The last, perhaps more significant goal of zero emissions means that General Motors will continue the research and development of electric vehicle powertrains and battery storage, to compete with the likes of Tesla for a larger slice of the EV market.
General Motors has previously confirmed the release of as many as 23 new electric vehicles to be released by 2023.
“These investments underscore the success of our vehicles today, and our vision of an all-electric future.” General Motors CEO, Mary Barra
The additional $2 billion pledge will be directed to its manufacturing facility in Tennessee to equip and tool it for electric vehicle production, which would make it the third General Motors facility equipped to produce electric vehicles.
CEO Mary Barra has said that “we are committed to investing in the U.S., our employees and our communities,” adding that “these investments underscore the success of our vehicles today, and our vision of an all-electric future.”
Barra added that “we want to put everyone in an EV, and we believe we have what it takes to do it. Beyond the societal benefits of an all-electric, zero-emissions future, we are going to drive an amazing ownership experience for our customers.”
General Motors shares rose by 5% upon releasing its long-term electrified vision for its fleet, with the Bank of America saying it represented a “solid business plan” for the company moving into the future.
A spokesperson for General Motors has said that the company has told the White House its place for an electrified fleet, stating that “the timing of the announcement is based on the production schedule and need to begin preparing facilities.”
“General Motors is committed to manufacturing in the United States, we are proud of the vehicles we build and the people who build them. GM has announced investments of more than $29 billion in its U.S. manufacturing operations in the last decade across 11 states,” they concluded.