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GM invests $2.2 billion for electric cars

by on21 October 2020

Wants to increase production

General Motors is investing about $2.2 billion in its US manufacturing operations, largely to increase production of electric vehicles.

According to CNBC, the investment is the latest for the Detroit automaker as it pivots toward EVs under GM CEO Mary Barra's "triple zero" vision of zero crashes, zero emissions and zero congestion -- the outfit's goal.

Since March 2019, GM has committed to invest more than $4.5 billion in three US manufacturing sites to prepare for EV-related production. The company has previously said it plans to release at least 20 new electric vehicles globally by 2023, including the upcoming GMC Hummer EV.

The $2.2 billion in new investments will occur in the coming years, according to the company. Roughly $2 billion of that money will go toward a plant in Spring Hill, Tennessee, for production of future electric vehicles, including the recently unveiled Cadillac Lyriq crossover. Renovation work at the facility, which will be GM's third in the U.S. to produce EVs, will begin immediately, according to the automaker.

In connection with the announcement, GM will eventually move production of the GMC Acadia from the Tennessee plant to a facility in mid-Michigan. The company said it will invest more than $100 million at the Lansing Delta Township plant for assembly of the next-generation Acadia crossover at an undisclosed time. Separately from EVs, GM announced new investments of roughly $53.3 million at four plants in Michigan to increase production of its heavy-duty pickup trucks, self-driving Cruise AV test vehicles and 10-speed transmissions.

Last modified on 21 October 2020
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