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GM to Expand EV Charging Station Ecosystem

GM will invest nearly $750 million to build more than 40,000 EV charging stations starting in 2022.

General Motors  (GM) - Get General Motors Company Report announced plans to expand its electric vehicle charging network with more than 40,000 charging stations through an initiative that begins next year. 

GM will invest nearly $750 million to expand home, workplace and public charging infrastructure through its electric charging ecosystem dubbed Ultium Charge 360.

"We want to give customers the right tools and access to charging where and when they need it, while working with our dealer network to accelerate the expansion of accessible charging throughout the U.S. and Canada, including in underserved, rural and urban areas," GM President Mark Reuss said. 

Shares of GM on Tuesday were down 0.7% to $57.33 at last check.

GM also announced a new line of three Ultium-branded Level 2 smart charging stations that will be offered to customers through dealerships as well as online.

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The stations are designed to provide more home and commercial charging options in order to expand the feasibility of widespread adoption of electric vehicles. 

"These two initiatives are part of our plan to put everyone in an EV, making access to charging even more seamless than before," Reuss said. 

Weeks ago, GM received positive commentary from Wedbush based on its electric vehicle ambitions. 

"The Chevy Bolt recall and the broader impact from the chip shortage has cast a black cloud over the stock," he said.

But longer term, "we continue to believe the broader story and investment thesis at GM is around its massive EV ambitions over the next decade," Ives said.

GM intends to lay out $35 billion in research and development for EVs, with a goal of shifting 20% of its installed base to EVs by 2026.