After a big increase in pickup profits, GM plans to invest heavily in electric vehicles

GM’s third-quarter profit surged on better-than-expected economic recovery, helped by sales of its full-size pickup trucks and SUVs,media CNET reported. Mary Barra, the carmaker’s chief executive, said on Thursday that the carmaker would invest heavily in more electric vehicles as gm’s earnings were in full play.

After a big increase in pickup profits, GM plans to invest heavily in electric vehicles

On a conference call with investors discussing the carmaker’s third-quarter financial results, Bora said the profits would help fund electric vehicles for brands such as Chevrolet, Buick, GMC and Cadillac. These cars will also be targeted at “affordable high-volume segments”. Electric cars have not yet reached the same cost as conventional ones, but GM is adamant that every electric car it plans will generate profits.

More interestingly, Bora also said it was discussing future partnerships with other automakers to develop more electric vehicles. GM has established a partnership with Honda in North America to build a broad future alliance. But it remains to be seen whether GM will likely seek other automakers to use its upcoming battery and electric drive technology called Ultium.

GM’s first electric car to use the new Ultium battery technology and motors will be the GMC Hummer, which will go offline next fall. Subsequently, Hummer SUVs and Cadillac Lyriq SUVs will also be launched.