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Illustration: Aïda Amer/Axios

Growing amounts of cash are pouring into electric vehicle development that is underway via startups and legacy players.

What's new: A report out this morning indicates GM will be announcing an expanded strategy to take on Tesla, plus the U.K. electric van and bus company Arrival announced it is going public.

Driving the news, part 1: "General Motors Co will roll out details of an expanded and accelerated electric vehicle strategy on Thursday in an effort to convince investors it can be a serious competitor to Tesla Inc," Reuters reports, citing anonymous sources familiar with the plan.

  • GM is expected to say it intends to invest more on electric vehicles than the previously outlined $20 billion by 2025, and to speed up plans to make its Cadillac brand all-electric, among other elements, per Reuters.

Driving the news, part 2: Arrival, the U.K.-based electric van and bus company, announced this morning that it's going public via merger with a special purpose acquisition company, or SPAC.

  • The deal to merge with CIIG Merger Corp values Arrival at $5.4 billion.

Why it matters: The Arrival deal marks the latest in a big wave of SPAC transactions in the electric vehicle space as investors bank on major growth in what's still a niche market.

  • Meanwhile, GM's latest move shows how incumbent automakers are increasingly concluding they need to go big into electric vehicles to position themselves for the future, even though sales of internal-combustion models still dominate the market.

Where it stands: The Arrival deal includes around $400 million in additional funding from investors including Fidelity, Wellington Management, a BNP Paribas energy funds, and BlackRock-managed funds.

What we're watching: Whether Arrival can make good on its plans, which initially focus on the commercial vehicle market.

  • But deep pockets like what they've seen so far from the company and its system, which uses lightweight materials and a skateboard electric vehicle chassis that can accommodate multiple vehicle designs.

Go deeper: Wall Street is searching for electric vehicle gold

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Economy & Business

General Motors puts Trump in its rearview mirror

Illustration: Sarah Grillo/Axios

General Motors (GM) is racing to prepare itself for a president and a world that takes climate change more seriously — and putting the Trump era behind them in the process.

Driving the news: GM yesterday announced an ambitious plan to end global sales of internal combustion vehicles by 2035. It's part of their wider new pledge to be carbon neutral by 2040.

Jan 29, 2021 - Podcasts

When investing goes viral

You've likely heard the headlines this week about the stock market mania around GameStop. But this isn't just about the stock market. It's a kind of populist uprising borne of the Internet.

  • Plus, what’s behind GM’s big electric vehicle announcement.
  • And, the new Wild West is in outer space.
Jan 29, 2021 - Economy & Business

Transportation's next big thing: flying taxis

Photo: Joby Aviation

The next big thing in transportation could be electric flying taxis — think of a drone crossed with a helicopter — that would ferry people and goods high above congested roadways.

Why it matters: Air taxis are billed as a cheaper, faster, cleaner mode of transportation, and an important link between remote areas and population centers. But there are still technical and regulatory challenges to overcome — not to mention public skepticism.