The electric vehicle boom is just getting underway.
All as countries around the world push for millions of EVs, in an effort to reduce emissions. Helping, General Motors Company (NYSE:GM) just announced it will boost global spending on EVs to 435 billion through 2025. The automaker will build two additional battery plants in the U.S. That news comes just weeks after Ford Motor Company (NYSE:F) announced plans to spend $30 billion on electric vehicles. That’s also benefiting companies, such as Tesla Inc. (NASDAQ:TSLA), Volkswagen (OTC:VWAGY), and EV battery companies like NEO Battery Materials Ltd. (TSXV:NBM) (OTC:NBMFF).
In addition, “Ford and other global automakers are racing to shift their gasoline-powered lineups to all electric power under pressure from regions like Europe and China to cut vehicle emissions. Ford rival General Motors Co has said it aspires to halt U.S. sales of gasoline-powered passenger vehicles by 2035,” as reported by CNBC.