General Motors announced Tuesday it will introduce an electric version of its popular Chevrolet Silverado pickup truck that will be built at the company’s Factory ZERO assembly plant in Detroit.

Why it matters: GM is rapidly expanding its portfolio of battery-operated vehicles, with a plan to deliver more than 1 million EVs globally by 2025. It just unveiled the GMC Hummer electric SUV last weekend, joining the previously announced GMC Hummer electric pickup.

Details: The new electric Silverado will be designed from the ground up as an EV and will provide 400 miles of battery driving range, GM said in a virtual announcement Tuesday.

• The vehicle is based on GM's new modular Ultium battery platform, which will be the basis for 30 EVs globally by the end of 2025.
• GM says the Ultium platform, along with new virtual development tools and technology, has shortened vehicle development times by nearly 50% to just 26 months.
• The electric Silverado will be built alongside the two electric Hummer trucks, and the Cruise Origin robotaxi. Factory ZERO will begin production later this year, starting with the Hummer EV pickup.

The big picture: GM is investing $27 billion in EV and autonomous vehicle development.

• Ford is also investing heavily in electrification, with plans to spend $22 billion through 2025. Its Mustang Mach-E crossover is already on sale, with a new electric F-150 coming in 2022.