GM to boost EV spending, add two battery plants

The combined US$65bil (RM267.6bil) in commitments by the largest US automakers, as well as increased spending by EV leader Tesla Inc and startups including Lucid and Rivian reflect the EV arms race that has left some automakers like Lordstown Motors Corp scrambling to raise more funds.

WASHINGTON: General Motors Co (GM) will boost global spending on electric and autonomous vehicles to US$35bil (RM144.09bil) through 2025, a 30% jump over its most recent forecast as it pursues electric vehicle (EV) leadership, people briefed on the matter told Reuters.

As part of that spending, the No. 1 US automaker will build two additional US battery plants and move ahead some of its EV investments, said the sources, who asked not to be identified.