On June 16, General Motors Co. announced it will increase its electric vehicles (EV) and autonomous vehicles (AV) investments from 2020 through 2025 to USD 35 billion, representing a 75 percent increase from its initial commitment announced prior to the pandemic. The announcement builds on GM’s initial commitment announced in March 2020 to invest USD 20 billion from 2020 through 2025, including capital, engineering expenses, and other development costs. In November 2020, the company increased its planned investment over the same period to USD 27 billion.
The company vows to safely deploy 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. Cruise also was recently selected as the exclusive provider of AV rideshare services to the city of Dubai and is working with Honda to begin the development of an AV testing program in Japan. In addition, GM Financial will provide a multi-year, $5 billion credit facility for Cruise to scale its Cruise Origin fleet. Developed through a partnership between GM, Honda, and Cruise, the Cruise Origin will be built at GM’s Factory ZERO Detroit-Hamtramck Assembly Center starting in early 2023.