General Motors plans to roll out details of an expanded and accelerated electric vehicle strategy on Thursday in an effort to convince investors it can be a serious competitor to Tesla Inc., people familiar with the plans told Reuters.
GM CEO Mary Barra, who is scheduled to speak at a conference hosted by Barclays, is expected to say the automaker is ready to spend more on electric models by 2025 than the $20 billion previously outlined, the sources said.
Supplier sources said previous plans to make the Cadillac brand all electric by 2030 are being sped up, possibly to 2025, and other sources said that acceleration will be repeated in other brands and in segments such as commercial vans.
Last week, a GM executive said the company had pulled forward the rollout of two "major" EV programs, and GM officials have touted the faster 18-month development time for the Hummer truck.
Tesla's soaring market capitalization, and growing pressure from regulators to phase out carbon-emitting engines, has put pressure on established automakers to respond to investors who view their internal combustion lineups as outmoded and doomed in the long run.
Asked about the Thursday appearance, a GM spokeswoman called talk of increased spending speculative and declined to give details.