General Motors Fuels $7 Billion in Electric Vehicle

Highlights :

  • GM plans to build more than 600,000 electric trucks a year by late 2024.
  • The company is forming a $2.6 billion partnership with South Korea’s LG Corporation.
General Motors Fuels $7 Billion in Electric Vehicle

US automotive heavyweight General Motors (GM) is a major force in the race to electric mobility in the country. The company’s recent announcement is going to further intensify the competition in the sector as GM plans to make a record-breaking investment of $7 billion towards development of facilities in its headquarters in Detroit, Michigan.

This will target enhancing development in the sector and rolling out several new EV products along with advanced battery technology.

The significant investment comes in the backdrop of Ford Motor, GM’s biggest domestic competitor, announcing a huge $20 billion investment plan for the near future in electric mobility.

General Motors CEO Mary Barra said, “Today we are taking the next step in our continuous work to establish GM’s EV leadership by making investments in our vertically integrated battery production in the US and our North American EV production capacity,” Further, she added, “We are building on the positive consumer response and reservations for our recent EV launches and debuts, including GMC Hummer EV, Cadillac Lyriq, Chevrolet Equinox EV, and Chevrolet Silverado EV.”

According to recent reports, the company is planning to launch the biggest electric vehicle portfolio across the globe. Moreover, the company also aims to produce more than 6,00,000 electric trucks a year by late 2024 in its Detroit-Hamtramck and Orion Township plants. Expressing faith in its plants in Tennessee, Ontario, and Mexico, GM further hopes to amplify the total North American EV production capacity to more than a million units by late 2025.

The official statement also mentions the news of the US automaker tying up with South Korean multinational conglomerate LG Corporation. The partnership will focus towards establishing a new battery cell plant in Lansing that will supply Orion Township and other GM assembly plants as it opens in late 2024.

General Motors President Mark Reuss recently told the media that GM looks forward to overhauling and expanding the Orion plant with an investment of around $4 billion. This will include building up different variants of the new Chevrolet Silverado and GMC Sierra electric pickups.

Michigan city officials said the state contributed $824 million in incentives to the company, in part to support 4,000 new GM jobs.

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Junaid Shah

Junaid holds a Master of Engineering degree in Construction & Management. Being a civil engineering postgraduate and using his technical prowess, he has channeled his passion for writing in the environmental niche.