December 2, 2020

GM set to invest over $2 billion to boost the production of Electric Vehicles

General Motors have decided to invest about $2.2 billion in its U.S based manufacturing operations. This step is aimed to help increase and boost the production of electric vehicles. This investment has been termed to be the latest of all in the Detroit automaker as it supports the EVs General Motors CEO Mary Barra’s. The company wants to fulfill the vision of having zero emissions, no crashes, and zero congestion. It is believed that since March 2019, GM has committed to finance more than $4.5 billion in its U.S manufacturing sites to prepare for electric vehicles related production. The company’s goal is to release 20 newly manufactured electric vehicles globally by the year 2023; this includes the upcoming hammer EV, which is set to be launched on Tuesday night.

GM has set aside $2.2 billion in the new investments set to occur in coming years as per a statement from the company CEO.  Approximately $2 billion of the money is set to be used towards a plant located in Spring Hill, Tennessee, to be used to produce future electric vehicles. These EVs included the recently unveiled Cadillac Lyric Crossover SUV. All required renovations at the site for EVs production are set to start immediately as per the automaker. As a result of this decision, GM has opted to move GMC Acadia from Tennessee plant to a mid-Michigan facility. The company has promised to use over $100 million at Lansing Delta Township site to manufacture the advanced technology of Acadia crossover at an unspecified time.

On a different plan from that of the EVS, GM also announced its plan to invest approximately $53.3 million at some four plants based in Michigan to help increase the production of its off-road and heavy-duty trucks that are set to be suited with a ten-speed transmission gearbox. GM also made it clear that it has officially briefed the White House and the State delegations before making the investment announcement. The company spokesman Jeannie Ginivan also said that their timing was very unrelated to the United States presidential elections. In a later email, he emphasized that the announcement’s timing was based on production schedule, and they needed to start preparing the facilities to be used by the company.