EV-AV investments
Guidance
GM expects its results for the second quarter of 2021 to be better than what was initially expected despite impacts from the semiconductor shortage. The company expects adjusted EBIT for the first half of the year to range between $8.5-9.5 billion helped by factors such as strong demand and improved near-term production.
Other investments
GM plans to speed up the production of its Ultium battery cells in the US by building two new manufacturing plants by mid-decade to complement the ones under construction in Tennessee and Ohio. The company has agreed to supply Ultium batteries and HYDROTEC fuel cells to Wabtec Corporation. It will also supply HYDROTEC to Navistar and Liebherr-Aerospace.
GM’s autonomous vehicle subsidiary Cruise will receive a multi-year, $5 billion credit facility to scale its Cruise Origin fleet. The production of the Cruise Origin will begin in early 2023.
Competition
Last month, GM’s rival Ford increased its electrification investment to over $30 billion by 2025. Ford expects 40% of its global vehicle volume to be fully electric by 2030.