GM said it will invest $35 billion towards EV and automated vehicle production through 2025, a 75% increase from the company's original investment package proposed in early 2020, according to a statement.
"GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the US for electrification, along with customer demand for our product portfolio," GM CEO Mary Barra said.
To support increasing EV production, GM said it is accelerating its plans to build two new battery cell manufacturing plants in the US by mid-decade.
"[This will] complement the Ultium battery cell plants under construction in Tennessee and Ohio," GM said. "Further details about these new US plants, including the locations, will be announced at a later date."
Meanwhile, Ford said its Lincoln Motor luxury vehicle brand will debut its first global full EV next year, serving as the first step in electrifying the brand's entire portfolio by the end of the decade.
"By mid-decade, Lincoln expects half of its global volume will be zero-emissions vehicles and plans to electrify its portfolio of vehicles by 2030," the automaker said in a statement. "This is part of the company's Ford+ plan and planned investment of more than $30 billion in electrification by 2025."
Lincoln's EV will join its lineup of existing hybrid vehicles, which includes the Corsair SUV.
