General Motors had pledged to invest $750 million to increase its presence in the very fast growing electric vehicle sector and as a part of this plan, the company will install up to 40,000 electric-vehicle charging stations in the United States and Canada, the company said on Tuesday.

It was just a few months ago that the top auto company of the US had announced that it had struck multiple deals with a number of firms with the aim of offering its consumers easy access to almost 60,000 charging points for its electric vehicles in the US and Canada.

Under its already announced Ultium Charge 360 ecosystem, GM would increase the number of charging stations across the home, workplace, and public charging infrastructure, the company said on Tuesday and added that the main focus of the company would be to install the electric vehicle charging infrastructure in rural and urban areas where there is a shortage of access to such infrastructure which in turn has held up widespread adoption of electric vehicles.

The American car maker said that all owners of electric vehicles would be able to access the charging stations and would not be limited to those who buy GM’s electric vehicles.

The company has set a target to double its revenue by 2030, GM said earlier this month, indicating that it has the potential to construct software-driven services that can be profitable and thereby closely rival Elon Musk’s Tesla Inc, the dominant player in the global electric vehicle industry.  

However, compared to Tesla, GM’s market capitalization of $83.85 billion is a far cry as Tesla surpassed the $1 trillion mark in its market value on Monday following a huge order from car rental firm Hertz which is the largest ever for Tesla.

GM earlier this month said it plans to spend $35 billion through 2025 on EVs and autonomous vehicles

(Adapted from Reuters.com)