GM to boost EV profile with 40,000 charging stations in U.S., Canada

FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook

(Reuters) - General Motors said on Tuesday it would install up to 40,000 electric-vehicle charging stations in the United States and Canada, as part of the automaker's $750 million commitments to bolster its presence in the rapidly growing sector.

The announcement comes just months after the No. 1 U.S. automaker said it had signed agreements with some companies to offer its customers access to nearly 60,000 charging points across the same regions.

The company said on Tuesday it would expand home, workplace and public charging infrastructure through its Ultium Charge 360 ecosystem, adding that it would focus on installing them in rural and urban areas with limited access to support widespread adoption of EVs.

The charging stations will be available to all EV customers, and not just those who purchase vehicles from GM, the carmaker said.

Earlier this month, GM said it plans to double its revenue by 2030, indicating that it can build profitable software-driven services and take on Elon Musk's Tesla Inc.

The company's market capitalization of $83.85 billion, however, remains far behind that of Tesla, which crossed $1 trillion in market value on Monday following its biggest-ever order from car rental firm Hertz.

GM earlier this month said it plans to spend $35 billion through 2025 on EVs and autonomous vehicles.

(Reporting by Kannaki Deka in Bengaluru; Editing by Ramakrishnan M.)