DETROIT (Reuters) – General Motors Co (GM.N) Chief Executive Mary Barra said Wednesday the Detroit automaker will invest $20 billion by 2025 in electric and automated vehicles as it races to catch up with Elon Musk’s Tesla Inc (TSLA.O) as vehicles go electric.
FILE PHOTO: A Chevrolet Bolt EV vehicle is seen on the assembly line at General Motors Orion Assembly in Lake Orion, Michigan, U.S., March 19, 2018. REUTERS/Rebecca Cook/File Photo
The previously undisclosed investment figure was part of detailed presentations Barra and other GM executives gave to reporters and investors, to show that GM can make the transition from an internal combustion world to a battery electric one.
“We’ll grow” as the company offers more electric vehicles, Barra said at GM’s design center in Warren, Michigan.
And by slashing the number of powertrain combinations and moving to modular electric vehicle components, including battery packs and motors, GM can be profitable and maintain its profit…
Source Reuters Tech News
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