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Traditional automakers are transforming their business models to adapt to an all-electric future.
General Motors Company (NYSE: GM) increased its investment to have a zero tailpipe emission line-up by 2035 with plans to invest $7 billion in electric and autonomous vehicles this year and $27 billion by 2025.
Ford Motor Company (NYSE: F) will be more than doubling its EV investment by 2025 with $22 billion designated for electric vehicles and $7 billion for autonomous vehicles. The biggest obstacle to electric cars was that they cost much more to build than conventional models. However, the high costs aren't stopping anyone, even smaller players who are going full speed ahead as they try to adapt to an electric future.