General Motors plans investments to expand electric vehicle production

General Motors plans investments to expand electric vehicle production

By Administrator_ India

Capital Sands

General Motors Co 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.

Related Posts
India’s ONGC sells Russia’s Sokol oil to Indian refiners
India's ONGC sells Russia's Sokol oil

India's ONGC Videsh Ltd has sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp and Read more

Amid startup boom, second COVID-19 wave plays spoilsport
Amid startup boom, second COVID-19 wave plays spoilsport

By Administrator_India Capital Sands Indian startups have been on an unprecedented tear, growing and raising money like never before, even prompting Read more

Amazon India eyeing to expand grocery business in small towns: Report

By Administrator_India Capital Sands To expand its fast-growing grocery business, Amazon India is focussing on attracting more first-time customers from Read more

Oil holds near year-long highs as COVID lockdowns seen easing
Oil falls again amid concerns over demand rebound

By Administrator_India Capital Sands Oil prices were steady on Tuesday, trading close to more than year-long highs on signs that Read more

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x