GM Unveils EV, AV Strategy, Including New Models and Funding

After two years of slow starts and underwhelming rollouts, General Motors broke out the supersized check for its EV launch event Wednesday.

CEO Mary Barra's three-fold plan for convincing investors GM can hang with Tesla:

1. $20 billion for EV/AV development (its first hard money commitment)
2. "Ultium" battery tech that gets up to 400 miles on one charge and reduces the amount of cobalt used
3. About a dozen new EV models, including a Chevy SUV, Cadillac, and GMC Hummer and the autonomous Cruise Origin

Refresher: In 1996, GM was the first major automaker to release an all-electric ride, the EV1. But it's watched Tesla take first place.

• In 2018, Barra announced plans for 20 EV models and a zero-emissions future. But since then, GM's only launched three EVs in China, and EVs make up <1% of GM sales.

Big picture: Automakers will pump $225 billion into EVs from 2019–2023, AlixPartners estimates. But as governments dial back tax incentives, the industry’s aiming for lower prices, longer ranges, and better charging infrastructure to rope in customers.