General Motors’ electric vehicle plan just got even more expensive
General Motors announced that it would increase its investment in electric and autonomous vehicles to $35 billion through 2025. The new figure represents a 30 percent increase over the amount the automaker said it would spend last November, and a 75 percent increase from its initial investment prior to the pandemic.
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…