General Motors announced this week the creation of a $25 million fund to encourage equity as the company and others transition to prioritizing electric vehicles.
The Climate Equity Fund, company executives said, will be used to “implement inclusive solutions that bring everyone along, especially our employees and communities.”
GM recently lowered the price of its electric Bolt by $5,000 and committed to covering the cost for eligible owners to install their own chargers, but many of the EVs manufactured by the company qualify as “luxury” cars, based on price. The company hopes the new fund will bridge the existing equity gap for electric vehicle ownership.
Retail giant Walmart entered the autonomous vehicle sphere with an investment in Cruise, General Motors’ autonomous, all-electric vehicle development arm, this week. The funding round, which included other investors, totaled $2.75 billion and raises Cruise’s value to more than $30 billion.