General Motors will increase its investment in electric vehicle charging infrastructure by about three-quarters of a billion dollars to entice drivers who might otherwise be willing to charge availability for EVs.
The automaker said it will spend about $750,000,000 by 2025 to create greater access to public, home and work chargers. The investment also has a significant impact for GM’s Altium Charge 360 project.
This isn’t the first time GM has invested in charging. The automaker last year announced a partnership with EVGo, a popular charging network, to install more than 2,700 DC fast chargers over five years.
Charging availability is consistently cited in surveys as one of the primary reasons why people are hesitant to transition to an electric vehicle. a recent survey Consumer Reports found that nearly half of respondents said that “not enough public charging stations” were keeping them from buying an EV.
It’s unclear whether this will go toward a proprietary charging network — like Tesla’s SuperCharging network, which boasts more than 25,000 chargers in about 3,000 stations around the world — or whether the money will go toward another partnership. There was a lot of talk during investor day about GM becoming a “vertically integrated” OEM with revenue from subscriptions and services — and GM even teased that the investment would help support a new initiative called “Ultium Charge 360,” Which feels like a subscription to us. But we’ll have to wait and see.
Other GM Investor Day news:
- GM aims to build a Netflix-sized subscription business by 2030
- GM says it will double revenue by 2030, take EV market share from Tesla
- GM will introduce new hands-free driver assistance system in 2023, starting with Cadillac
- GM, General Electric agree to develop rare earth materials used in EV manufacturing
- GM’s growing portfolio of ‘truly affordable EVs’ includes a $30,000 crossover