General Motors is set to increase its investment in electric vehicle charging infrastructure by about three-quarters to about अ 1 billion, to lure drivers who are unlikely to have EV charging availability.
The automaker has said it will spend about $ 750,000,000 by 2025 to create more access to public, home and work chargers. The investment has significant implications for GM’s Ultimate Charge 360 project.
This is not the first time GM has invested in charging. The automaker last year announced a partnership with popular charging network company Evgo to install more than 2,700 DC fast chargers in five years.
The availability of charging in the service is consistently cited as people are reluctant to transition to an electric vehicle. A recent consumer report survey found that nearly half of respondents said “there are not enough public charging stations” preventing them from buying an EV.
It’s not clear whether this will go to a proprietary charging network – like Tesla’s supercharging network, which boasts 25,000 chargers at nearly 3,000 stations worldwide – or whether the money will go to another partnership. There has been a lot of talk throughout the day about investors becoming “vertically integrated” OEMs with the proceeds from GM’s subscriptions and services – and GM teased that the investment would help support a new venture called “Ultimate Charge 360”. We have a lot like a subscription. But we have to wait.
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