General Motors Takes on Tesla With Plans to Spend $20 Billion on New Electric Vehicles

Tesla may have to start sweating as General Motors has revealed that it plans to spend a whopping $20 billion through 2025 on new next generation electric, autonomous vehicles.

The announcement was made by the company during its “EV Day” on Wednesday at the GM’s tech and design campus in Warren, Michigan.

The automaker showed and discussed 11 new all-electric vehicles as part of its plans through 2025, which includes at least 20 new models by 2023.

It was previously reported by CNBC that GM would unveil the products at its “EV Day.”

“This is a huge opportunity for us. The biggest opportunity any of us has ever seen for this company, certainly,” GM President Mark Reuss commented. “And we are all-in. It represents a chance to reinvent the company and reset our brands. It will change this company and people’s perception of it forever.”

According to the company, the new all-electric vehicles will be capable of 400 miles or more, charge more than 100 miles in 10 minutes and accelerate from zero to 60 mph in as low as three seconds. Again, Tesla may need to watch out as these specifications are all in line or better than their current vehicles.

“There is much, much more to come,” GM Chairman and CEO Mary Barra said. “I really believe this is a historic moment for General Motors. We changed the world before and we’re going to do it again. We are aggressively going after every aspect of the EV ecosystem because we need millions of EVs on the roads to make a meaningful impact toward building a zero-emission world.”

Shares of GM were up nearly 2% on the heels of the announcement.

Disclaimer: We have no position in General Motors Company (NYSE: GM) and have not been compensated for this article.