GM Invests More Than US$4.5 Billion in EV ProductionBy Alejandro Enríquez | Tue, 10/20/2020 - 16:16
GM announced today that it will invest US$2 billion in its Spring Hill, Tennessee plant to turn it into its third electric vehicle manufacturing facility. With this, GM adds an accumulated US$4.5 billion investment in electric vehicle production. “These investments underscore the success of our vehicles today and our vision of an all-electric future," said GM Chairman and CEO Mary Barra in a statement.
In January, GM announced a US$2.2 billion investment in its Detroit-Hamtrack plant, which was recently introduced as Factory ZERO, where the electric GMC Hummer will be produced. GM intends Factory ZERO to be home to a solid electric vehicle pickup and SUV lineup.
“Factory ZERO is the next battleground in the EV race and will be GM’s flagship assembly plant in our journey to an all-electric future,” said Gerald Johnson, GM Executive Vice President of Global Manufacturing in a statement. “The electric trucks and SUVs that will be built here will help transform GM and the automotive industry. Production is expected to begin in late 2021. The company is also investing US$800 million in supplier tooling and projects related to the launch of its electric trucks.
The US$300 million that add up to the US$4.5 billion figure were invested in Orion Assembly plant to produce a new Chevrolet electric vehicle that will join the Chevrolet Bolt. As for the recently announced investment in Spring Hills, Cadillac LYRIQ is the model that will be assembled there, although assembly of the Cadillac XT6 and XT5 will continue.
GM also announced its joint venture with LG Chem, called Ultium Cells LLC, which means a joint US$2.3 billion investment to build a state-of-the-art battery cell manufacturing plant in Ohio.
GM has strongly highlighted its role as a source of "good-paying US manufacturing jobs." All of the investments announced account for more than 3,700 jobs in the US. The company has grabbed the spotlight amid President Trump's election campaign. Advisor to the President Ivanka Trump also visited GM manufacturing facilities in Michigan joined by GM Chariman and CEO Mary Barra.