GM pushing faster EV launches ahead of profits

gm-logo-gradient-2021-16x9

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.

Hyundai Motor Group starts construc...
Hyundai Motor Group starts construction on $5.5bn EV and battery manufacturing plant in US

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.

About Scott Nordlund 1345 Articles
Originally from the West Coast, Scott is an avid writer & EV enthusiast now living in Ottawa. He holds a MA in Political Science and once played professional football in the German Football League. Email scott@driveteslacanada.ca