GM To Invest $3B In Michigan-Based Electric Vehicle Manufacturing
General Motors Company (NYSE: GM) is planning to invest more than $3 billion into a new electric vehicle manufacturing initiative.
What Happened: According to a Wall Street Journal report citing unnamed “people familiar with the matter,” the company will upgrade its Orion Assembly plant in suburban Detroit to produce electric pickup trucks, a project that will create more than 1,500 jobs and cost at least $2 billion. The company will also construct a battery-cell factory near one of its assembly plants in Lansing that will create around 1,200 jobs and cost more than $2 billion, which GM will co-finance with its battery partner, LG Energy Solutions.
The report added that GM officials were negotiating with local governments for tax abatements and other municipal approvals.
What Else Happened: GM has made additional announcements that further its focus in the EV space.
https://www.msn.com/en-us/money/news/gm-to-invest-dollar3b-in-michigan-based-electric-vehicle-manufacturing-report/ar-AARHuAS
