Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

GM to recall millions of vehicles with Takata air bag inflators

General Motors world headquarters in Detroit, Mich. Photo: Bill Pugliano/Getty Images

The National Highway Traffic Safety Administration announced Monday that General Motors must recall and repair any vehicle equipped with Takata air bag inflators, per AP.

Why it matters: The government agency said GM must recall nearly 6 million pickup trucks and SUVs from the 2007–2014 model years. Despite the automaker's multiple appeals to the NHTSA, this new regulation will cost the company around $1.2 billion.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
5 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.