June 16 (UPI) -- General Motors announced Wednesday a plan to hike spending to $35 billion over the next five years to develop electric and automated vehicle technologies.
The plan, which extends through 2025, will use the money for development of battery, fuel cell and other technologies, GM said.
The automaker said the investment marks a 75% increase from what it originally planned to spend between 2020 and 2025 on the technologies.
GM said it hopes the additional funds will make it a global leader in battery and fuel cell technology, through its Ultium battery platform and Hydrotec fuel cells. The plan is also aimed at improving its Cruise self-driving technology.
"We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future," GM CEO Mary Barra said in a statement.
"GM is targeting annual global EV sales of more than one million by 2025 and we are increasing our investment to scale faster because we see momentum building in the United States for electrification."
GM's Ultium platform is part of a joint venture with LG Energy Solution, which builds battery cells in Ohio and Tennessee. The Hydrotec power cubes are part of a joint venture with Honda.
GM said the plan also calls for accelerating its rollout of the Cruise Origin in early 2023.
Earlier this week, the automaker announced that it will provide battery and fuel cell technology to Wabtec to power locomotives.