GM will invest more than $ 2 billion in the US to increase EV production

The company said General Motors is investing about $ 2.2 billion in U.S. manufacturing to increase production of electric vehicles.

The investment is the latest as Detroit automakers are turning to EVs under the GM CEO. Mary Barrus The “triple zero” vision of zero crashes, zero emissions and zero congestion – a big goal for the company.

GM is committed to investing more than $ 4.5 billion at three U.S. manufacturing sites from March 2019 to prepare for EV-related production. The company had earlier said that it would launch at least 20 new electric vehicles globally by 2023 Upcoming GMC Hummer EV, They will be unveiled on Tuesday night.

“We are committed to investing in the US, our employees and our communities,” Bara said in a statement. “These investments underscore the success of our vehicles today and our vision for the future of all electricity.”

GM shares rose 5 percent on Tuesday ahead of the Hummer unveiling. According to Bofa Securities, GM’s “solid business plan” is not reflected in the company’s share price.

The company said $ 2.2 billion in new investment would occur in the coming years.

About $ 2 billion will go to a plant in Spring Hill, Tennessee, for the production of future electric vehicles, including the recently launched one. Cadillac Lyric Crossover. The automaker said it would soon begin upgrading GM’s third facility, Facility, in the U.S., which produces the EV.

In connection with the announcement, GM will gradually move GMC Acadia’s production from its Tennessee plant to a facility in central Michigan. The company said it would invest more than $ 100 million at the Lansing Delta Township plant to assemble the next-generation Acadia crossover.

GM on Tuesday announced a new $ 53.3 million new investment in EVs at four plants in Michigan to boost production of heavy-duty pickup trucks. Self-driving cruise AV. Test vehicles and 10-speed transmissions.

This was explained to the White House and state representatives ahead of the investment announcement. Company spokeswoman Jenin Genevan said the timing had nothing to do with the presidential election.

“The timing of the announcement, based on the production schedule, needs to start preparing the facilities,” she said in an email. “General Motors is committed to manufacturing in the United States, and we are proud of the vehicles we manufacture and the people who manufacture them. GM has announced more than $ 29 billion in US manufacturing operations in 11 states over the past decade.”