GM will boost EV, AV investments to $35B through 2025

General Motors Co. (GM) says it will increase its electric vehicle (EV) and autonomous vehicle (AV) investments from 2020 through 2025 to $35 billion, representing a 75% increase from its initial commitment announced prior to the pandemic. Key factors for the company include the GMC Hummer EV and Hummer EV SUV, the Cadillac Lyriq and the Chevrolet Silverado electric pickup; GM and dealer investments in the EV customer experience; public and private investment in EV charging infrastructure; and the global policy environment.

GM’s announcement builds on the company’s initial commitment announced in March 2020 to invest $20 billion from 2020 through 2025, including capital, engineering expenses and other development costs, to accelerate its transition to EVs and AVs. In November 2020, the company increased its planned investment over the same period to $27 billion.

GM’s additional investments and new collaborations are designed to create even greater competitive advantages for the company, GM says. They include:

Accelerating Ultium battery cell production in the U.S. GM is accelerating plans to build two new battery cell manufacturing plants in the United States by mid-decade to complement the Ultium Cells LLC plants under construction in Tennessee and Ohio.
Commercializing U.S.-made Ultium batteries and Hydrotec fuel cells. In addition to collaborating with Honda to build two EVs using Ultium technology – one SUV for the Honda brand and one for the Acura brand – GM announced June 15 it has signed a memorandum of understanding to supply Ultium batteries and Hydrotec fuel cells to Wabtec Corporation, which is developing the world’s first 100% battery-powered locomotive. Separately, GM will supply Hydrotec to Navistar Inc., which is developing hydrogen-powered heavy trucks to launch in 2024, and Liebherr-Aerospace, which is developing hydrogen-powered auxiliary power units for aircraft.
Expanding and accelerating the rollout of EVs for retail and fleet customers. In November 2020, GM announced it would deliver 30 new EVs by 2025 globally, with two-thirds available in North America. Through additional investments, GM will add to its North America plan new electric commercial trucks and other products that will take advantage of the Ultium platform.
Safely deploying self-driving technology at scale. Cruise, GM’s majority-owned subsidiary, recently became the first company to receive permission from regulators in California to provide a driverless AV passenger service to the public, GM says.

BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).