General Motors Invests $7 Billion & Aims to Lead the EV Industry by 2025
General Motors aims to become a leader in the EV industry in the near future. GM’s investing more than $7 billion to achieve its goal. The company aims to produce around 1 million electric vehicles by the end of 2025.
General Motors is kicking off the New Year with a bang. GM revealed that it will be investing over $7 billion towards its goal of becoming a leader in the EV space by 2025. The company will be making this investment across four production facilities in Michigan. As a result, General Motors will retain 10,000 existing jobs and create 4000 new ones.
According to GM, this investment will help increase its manufacturing capacity, which will allow the automaker to build more battery packs and electric trucks. At $7+ billion, this is General Motors’ largest single investment to date. General Motors will build new production facilities in Lansing, Michigan, with $2.6 billion.
GM Chair and CEO Mary Barra shared her thoughts on the company’s investment. “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. Our plan creates the broadest EV portfolio of any automaker and further solidifies our path toward U.S. EV leadership by mid-decade,” said Barra.
The Lansing facility will manufacture General Motors’ Ultium Cells batteries.
GM will also be investing $4 billion to convert its assembly plant in Orion Township. The plant will produce the upcoming electric GMC Sierra and Chevrolet Silverado EV. Post conversion, the Orion facilities, and Factory ZERO will increase GM’s capacity to produce full-size pickup trucks to 600,000 units.
During the conversion, the Orion assembly plants will continue to produce the Chevrolet bolt EV and EUV. As per GM’s projections, it will achieve the capacity to produce around 1 million EVs in North America in 2025. GM’s also investing over $510 million to upgrade the production capability of Lansing Delta Township and Grand River assembly plants for near-term products.
“These important investments would not have been possible without the strong support from the Governor, the Michigan Legislature, Orion Township, the City of Lansing, Delta Township, as well as our collaboration with the UAW and LG Energy Solution,” elaborated Barra. She further added, “These investments also create opportunities in Michigan for us to bring our employees along on our transition to an all-electric future.”
Image Source: General Motors