General Motors (GM) is spending more than the $35 billion previously planned to speed up launches of their new EVs.
The company noted that investments in technology would take priority over profits in 2022.
GM expects operating profit in 2022 between $13 billion and $15 billion. This would equal the 2021 operating profit.
However, 2022 should produce more vehicles as semiconductors become more readily available, reports Reuters.
GM plans to spend between $9 billion and $10 billion on capital investments in 2022 and several years later.
CEO Mary Barra said that GM would announce their fourth electric vehicle battery plant by the end of June.
In addition, the company will invest in a third electric truck assembly plant in 2022.
Due to these planned expenditures, GM will not pay a dividend to investors.
Although GM did not provide exact numbers, the company released that they expect to spend $1.5 billion more this year. This increased investment will speed up software development and accelerate its EV portfolio.
GM plans to deliver more than 400,000 EVs in North America over the next two years. In addition, the company plans to release 20 EV models in North America and 30 globally by 2025.
