American carmaker General Motors Co. has hiked both its profit guidance and spending program for electric and autonomous vehicles, CNBC reported.
- GM will boost its capital expenditures for its electric and autonomous vehicle lineup until 2025 to $35 billion or 30% higher than announced in 2020. The additional funding will support lineup expansion.
- GM plans to intensify its electric vehicle rollout to compete with Tesla, and step up battery and fuel cell technology production. It will put up two new plants in the US by 2025, on top of the two underway.
- Chief Finance Officer Paul Jacobson said adjusted pretax earnings are expected between $8.5 billion to $9.5 billion in the first half. The company earlier projected $5.5 billion.
- GM said it will add to plans of launching 30 new electric vehicles by 2025, but did not provide additional information.
GM earlier announced a full-year pretax earnings guidance of between $10 billion and $11 billion, but at the higher end. GM is up 2.30%; while TSLA is down 0.18%.