Are you in search of a new software job? Or perhaps a new electric vehicle? An announcement today from General Motors (NYSE:GM) shows that the legacy automaker has both. Here is what you need to know about the latest EV news.
General Motors made headlines today when the company took a big leap into the all-electric future, announcing that it would hire for 3,000 EV positions.
Especially at a time when the economy is recovering from the novel coronavirus pandemic, that is a big commitment. Importantly, it shows that GM really believes its investments in electric cars will pay off.
Investors should know these nine fast facts about General Motors and its hiring plans:
- General Motors says the 3,000 positions will focus on software development, engineering, design and information technology. Many of these positions will also be remote.
- Hiring will start shortly and run through early 2021.
- Investors should note that GM is very serious about its EV news. President Mark Reuss said that the hiring announcement is part of its commitment to electric vehicles and its plans to dominate in the niche.
- This is not the first EV step that GM has taken.
- The company previously said it would roll out 20 new electric vehicles by 2023 and invest $20 billion in electric and self-driving vehicles by 2025.
- One of the first steps to reaching these goals comes from its Cadillac brand, with the all-electric Lyriq. The Lyriq will launch first in China and then eventually hit the U.S.
- General Motors also has plans to roll out a new Chevrolet Bolt and an electric GMC Hummer.
- Lastly, GM has a partnership with Nikola (NASDAQ:NKLA) to support the production of its electric Badger pickup truck.
General Motors Hiring and EV News: Why It Matters
By now, pretty much everyone on Wall Street has figured out that electric vehicles are hot. Consumers are turning more and more to eco-friendly products, and paying more attention to their environmental footprints. Plus, traditional automakers have to pivot to the world of EVs to compete against Tesla (NASDAQ:TSLA) and a rush of electric startups.
However, investors should note that there is one more big catalyst at play that makes the EV news even more exciting. Over the weekend, several major news outlets called the U.S. presidential race in favor of former Vice President Joe Biden. As a result, his clean energy initiatives are closer than ever. One of these hotly anticipated plans would see more EV charging stations dot U.S. highways — and boost federal support for electric cars.
General Motors acknowledged this catalyst in its Monday announcement, sharing excitement to start working with the Biden administration.
So where do things stand? General Motors has a long way to go to overtake Tesla. However, with its plans to hire 3,000 new employees and heavily invest in the electric future, things are looking good.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer for InvestorPlace.com.