GM focuses on EV race again, boosts spending by 30% to $35 billion

General Motors Co. is raising the stakes in the electric-vehicle race, boosting its investment in future technology for a second time in eight months with plans to spend $35 billion on more than 30 plug-in vehicles by 2025 and a total of four battery plants.

The automaker said the stepped-up investment reflects stronger-than-expected financial results for the year. Higher revenue and earnings growth from its GM Financial lending unit will lift first-half adjusted earnings before interest and taxes from an earlier estimate of $5.5 billion to as much as $9.5 billion, the company said Wednesday.

With more cash coming in and with consumer demand for electric vehicles rising — even for lower-priced, slower-selling models like the battery-powered Chevrolet Bolt — the automaker is upping its ante on next-generation technology bets.