The New Paper

November 23, 2020

GM announces updates to electric vehicle program

General Motors announced a series of updates to its electric and autonomous vehicle programs last week, including the release of 30 electric vehicles by 2025 and the launch of a second-generation “Ultium” battery that is projected to deliver “twice the energy density at less than half the cost of today’s chemistry.” The company also noted that it expects to invest $27B in the ongoing initiatives (up from $20B announced in March) and that over half of its capital spending and product development team will be devoted to electric and autonomous vehicle programs.

More context: The announcement comes amid a push by the 111-year old automaker to compete with Telsa and other manufacturers as the auto industry expands its focus on electric vehicles.

This story is from the November 23, 2020 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.