GM plans to spend €29bn on more than 30 electric vehicles  

Carmaker stepping up investment in new technology to meet rising consumer demand for electric vehicles

General Motors also plans to build four battery plants. File picture: Jeff Kowalsky/Bloomberg

General Motors is raising the stakes in the electric vehicle race, boosting its investment in future technology for a second time in eight months, with plans to spend $35bn (€29bn) on more than 30 plug-in vehicles by 2025 and a total of four battery plants.

The carmaker said the stepped-up investment reflects stronger-than-expected financial results for the year. Higher revenue and earnings growth from its GM Financial lending unit will lift first-half adjusted earnings before interest and taxes from an earlier estimate of $5.5bn to as much as $9.5bn.