GM to boost spending on EVs by 30% - sources

Big engines might one day seem old fashioned at General Motors, as it boosts spending on electric and autonomous vehicles to $35 billion through 2025.

That's according to Reuters sources.

The move would mark a 30% jump over GM's most recent forecast, as it continues to pursue EV leadership.

As part of that spending, the top U.S. automaker will build two additional battery plants in the country.

In November, GM upped its spending plans from $20 billion, a figure that was announced in March before the global health crisis shuttered the auto industry.

The expected announcement comes less than a month after rival Ford upped its EV spending by more than a third to over $30 billion by 2030.

GM Chief Executive Mary Barra will meet Nancy Pelosi and other key Democrats on Wednesday (June 16), when they're expected to discuss EVs and vehicle emissions.

Working with Washington is critical as President Joe Biden has proposed spending $174 billion to boost EVs and charging as part of his extensive infrastructure plan.

GM declined to comment on the latest reports.