Recently, the company announced 11 new entirely electric car models as apart of this new investment. Around 20 of these models will be on the market by 2023.
The company didn't reveal just exactly how these new funds would be spent on electric cars but GM did state it would enough funds would be allocated for capital and engineering resources.
“This is a huge opportunity for us. The biggest opportunity any of us has ever seen for this company, certainly,” GM President Mark Reuss said. “And we are all-in. It represents a chance to reinvent the company and reset our brands. It will change this company and people’s perception of it forever.”
After the announcement, GM saw it's stock price rise by around 2% to $31.03 per share. However, the company's stock is down around 21.5% during the past year which includes a 16% drop just during this year.
GM claims its new electric cars will have a range of 400 or more miles, be able to charge 100 miles in around 10 minutes, and go from zero to 60 in three seconds. All of these specs would match up or improve on Tesla's current vehicle slate.
The new models will include trucks and SUVs including a GMC Hummer pickup truck and SUV, a Cadillac car, and a Chevy pickup truck. The company only showed off clay models of these cars and did not reveal any pre-renders of the vehicles.
The company did emphasize that these new electric cars would be profitable and keep current profit margins thanks to lower battery costs.
“There is much, much more to come,” GM Chairman and CEO Mary Barra said. “I really believe this is a historic moment for General Motors. We changed the world before and we’re going to do it again. We are aggressively going after every aspect of the EV ecosystem because we need millions of EVs on the roads to make a meaningful impact toward building a zero-emission world.”
GM's first entirely electric car with this new technology will be a GMC Hummer pickup and be available in late 2021 which will be followed by a Cadillac crossover in 2022.