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GM is expected to spend more on EVs than gas-powered cars within the next five years: CEO

A view shows the entrance to the General Motors pick-up-and-transmission plant in the Silao, Mexico, October 1, 2019. REUTERS/Sergio Maldonado

DETROIT (Reuters) – General Motors Co. (GM.S) are expected to have more money to spend on the development and commercialisation of electric vehicles (EVs) over gasoline-powered cars in the next five years, with Chief Executive Mary Barra said on Tuesday.

Being it was a response to a question from an analyst on the No. 1 U.S. automaker’s earnings conference call, where they said that they believed that EVs would be more in r & d and investment dollars in that period of time.

She also said that the Service will be in need of “something (much) less work than a gasoline-powered car. The United Auto Workers union, which just ratified a new four-year labor deal with the Detroit automobile company, has expressed its concern about US jobs, in the future, if the EVs is a large part of the market place.

Being stressed due to the gas-powered vehicles, there will be a large part of its revenue in the U.S. in the 2030s. She also added that the company’s engine and transmission plants will not be threatened and the Quality of those that will have needs for spare parts.

Barra also said that the new UAW labor deal that does not limit the number of EVs that the company is able to build.

Reporting by Ben Klayman in Detroit; Editing by Nick Zieminski

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