General Motors Co on Wednesday boosted its spending on electric and autonomous vehicles, pulled ahead plans for two U.S. battery plants and forecast stronger-than-expected second-quarter profits.
The No. 1 U.S. automaker said it will now spend $35 billion through 2025 on EVs, an increase of 75% from March 2020 before the COVID-19 pandemic shut down the industry.
Shares of GM were up more than 2.8% in early trading on Wednesday.
GM’s additional spending accelerates a global arms race among automakers and technology companies to expand electric vehicle offerings. Consulting firm AlixPartners on Wednesday said investments in electric vehicles over the next five years could total $330 billion, a 41% increase from the firm’s five-year investment outlook a year ago.
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