GM: stock accelerates on increased EV capex

(CercleFinance.com) - General Motors announced on Wednesday that it plans to increase its capex on electric and autonomous vehicles.


The carmaker says it will finally allocate 35 billion dollars to its activities in this area by 2025.

In March 2020, just before the pandemic took hold, GM had set a goal of investing some 20 billion dollars over five years to help its transition to electric and autonomous vehicles.

The group explains that it plans to build two additional production sites for its new "Ultium" battery systems, in addition to the factory projects already planned in Ohio and Tennessee.

GM aims to sell more than one million electric vehicles by 2025.

Financially, the Detroit, Michigan-based group says it targets H1 adjusted Ebit of 8.5 to 9.5 billion dollars, citing continued strong demand.

The share was up over 3% on Wednesday morning after these announcements were made.



Copyright (c) 2021 CercleFinance.com. All rights reserved.