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GM Deepens EV Bet With 35% Budget Boost and 30 New Models

  • Automaker will price some new electric vehicles under $35,000
  • Second-generation battery pack will boast a 450-mile range
The Ultium EV platform and battery system.
The Ultium EV platform and battery system.Photographer: Steve Fecht/General Motors Co.
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General Motors Co. is laying the groundwork for a bigger bet on electric vehicles, telling investors at a virtual conference it plans to boost spending on them by more than a third to $27 billion as part of a push to introduce 30 battery-powered models by 2025.

The initiative outlined Thursday represents an increased investment of $7 billion and 10 more EVs than previously planned, including some that will be cheaper than $35,000. The announcement comes as rival automakers plan dozens of new all-electric models, which could benefit from EV-friendly policy changes expected under the administration of President-elect Joe Biden.