It’s a staggering amount of money to be spent on what is arguably still a small percentage of the overall car market. Despite rapid growth in sales over the past few years, EVs are still a niche product, making up just 2 percent of the new car market and 1 percent of all cars, SUVs, vans, and pickup trucks on the road.
That said, sales are expected to pick up in the next few years, depending on new incentives and point-of-sale rebates that are currently being debated. And GM is positioning itself to be the largest manufacturer of EVs in North America, much like it already is for gas-powered vehicles. The automaker has previously said that
GM isn’t the only automaker to keep upping its investment in EVs. Last month,
GM plans to launch 30 new electric vehicles around the world by 2025, more than two-thirds of which will be available in North America. The vehicles will span GM’s entire brand portfolio, including Cadillac, Buick, GMC, and Chevrolet, and will come in a range of prices.
So far, GM’s only EV available for sale in the US is the
GM also said it is “accelerating plans” to build two new battery cell manufacturing plants in the US by 2025 to complement the factories that are currently under construction in Tennessee and Ohio. And the company said it expects to deliver “better-than-expected results” in the second quarter of 2021 despite the industry-wide impact of the semiconductor shortage.
The news follows the announcement that GM was extending a