General Motors will spend $27bn (£22bn) on phasing out all petrol and diesel-powered vehicles by 2035 despite admitting its electric drive will come at the expense of profits.
The company will spend more than $7bn on electric and self-driving vehicles this year and develop 30 battery-driven models by 2025.
Toyota raised its profit forecasts by more than half as the world’s largest car maker enjoyed a strong rebound in both China and the US.