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Wednesday, January 13, 2021

General Motors to Boost Spending on Electric Vehicles Development

General Motors Chief Executive Officer Mary Barra said on Thursday afternoon that the American automaker will boost capital spending over the next three years in order to speed development of electric vehicles, funded by expanded production of high-profit pickup trucks in the United States, Mexico and Canada.

General Motors Chief Executive Officer Mary Barra said on Thursday afternoon that the American automaker will boost capital spending over the next three years in order to speed development of electric vehicles, funded by expanded production of high-profit pickup trucks in the United States, Mexico and Canada.

In a statement, Barra said that the company was talking with automakers about partnerships to develop more vehicles using its battery technology. 

Barra also said that General Motors plans electric vehicles “across our brands … into affordable high volume segments.”

GM’s EV push is being funded by robust profit from sales of pickup trucks and sport utility vehicles in North America, which drove a stronger-than-expected third quarter profit. 

The automaker also pointed out it will invest almost $2 billion to overhaul an idle plant in Oshawa, Ontario, to expand pickup production, under a tentative agreement with its Canadian union.

“We’re going to go hard at EVs … and the North America performance allows us to do that,” Barra explained.

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