DETROIT — General Motors on Wednesday said it plans to spend $20 billion on electric and autonomous vehicle programs in the next five years and expects its battery costs to fall below the level that analysts say would make EVs competitive with internal-combustion vehicles.
GM’s proprietary Ultium batteries will cost less than $100 per kilowatt-hour and allow for a driving range of up to 400 miles on a full charge, GM said. That’s about 50 percent more than the 259-mile range for the 2020 Chevrolet Bolt.
The GMC Hummer EV, expected to go into production in fall 2021, will be the first vehicle to use the new battery technology, GM said. The automaker gave previews of 10 other upcoming EVs to analysts and reporters Wednesday, including a Hummer SUV, a midsize Chevy SUV, a Buick SUV and crossover and three Cadillacs.
“Our team accepted the challenge to transform product development at GM and position our company for an all-electric future,” GM CEO Mary Barra said in a statement….