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GM plans investments to expand electric vehicle production

Stock MarketsOct 19, 2020 06:50PM ET
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© Reuters. The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan

By Joseph White

DETROIT (Reuters) - General Motors Co (N:GM) is expected to announce on Tuesday significant investments to expand production of electric vehicles at a factory in Spring Hill, Tennessee and potentially other sites.

GM said in a statement Monday that it planned to make a "major U.S. manufacturing investment announcement" on Tuesday. The Detroit News reported that the automaker planned to begin building the Cadillac Lyriq electric SUV at its Spring Hill, Tenn. plant. AutoForecast Solutions, which tracks industry production plans, said it expects the Lyriq to go into production in late 2022.

GM could move production of vehicles to other plants, resulting in new investments in other locations. AutoForecast Solutions said it expects some electric vehicle production will also be announced for a factory in Mexico.

The automaker's plans for investing in U.S. factories comes with two weeks left in the U.S. presidential election campaign. U.S. President Donald Trump and Democratic rival Joe Biden are competing for support from auto workers in Midwestern swing states.

GM Chief Executive Mary Barra has outlined plans to invest $20 billion by 2025 in new electric vehicles and electric vehicle battery technology.

The automaker plans to spend $2.5 billion overhauling and retooling its Detroit-Hamtramck factory to build a GMC Hummer EV electric pickup truck, an automated robotaxi and other vehicles.

That plant was formally rechristened on Friday as "Factory Zero," a reference to Barra's goal of "zero crashes, zero emissions and zero congestion."

GM currently builds its electric Chevrolet Bolt at a large assembly plant in the northern suburbs of Detroit.

At the same time, GM is investing in its large, gasoline-fueled pickup trucks and sport utility vehicles, which earn the bulk of the profits the automaker needs to fund its electric vehicle programs.

GM plans investments to expand electric vehicle production
 

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Pwr Strk
Pwr Strk Oct 19, 2020 7:11PM ET
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NKLA is out the door.... lol
 
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