GM, Ford outdo each other with electric vehicle investments

DETROIT (AP) — General Motors will raise spending on electric and autonomous vehicles and add two U.S. battery factories as it gambles that consumers will eagerly switch from gasoline to the new technology. The announcements came as crosstown rival Ford said its entire Lincoln luxury brand lineup would be electric or gas-electric hybrid by 2030, including four fully electric vehicles. For months, the automakers have been one-upping each other with electric vehicle announcements, which have fueled stock price increases for both companies. GM wouldn’t disclose locations for the plants. But Chief Financial Officer Paul Jacobson said they would be similar to those under construction in Ohio and Tennessee. Those factories each will employ more than 1,000 workers and cost about $2.3 billion.