General Motors is planning to invest $500 million in China’s ride-hailing service Didi Chuxing, the latest move by a global automaker to gain early footholds in fast-growing markets. General Motors has already invested more than $1 billion into Lyft and will now enter an alliance with Uber, which last week announced it would buy up Volvo Cars.
General Motors is planning to release a multibillion-dollar electric vehicle. This will be the first time that GM has released an EV since it was founded in 1908. The company plans on releasing a total of 16 EVs by 2023.
General Motors Co. GM -1.41 percent announced plans for a multibillion-dollar investment in Michigan to make electric pickup trucks, boosting the Great Lakes area as states compete for a larger share of the industry’s move to battery-powered vehicles.
The automaker said on Tuesday that it will turn a suburban Detroit facility into a hub for electric pickup truck manufacturing and develop a battery-cell plant in Lansing, Michigan. It wants to invest $4 billion to adapt its Orion Assembly facility to make plug-in trucks, and the $2.6 billion battery factory will be shared with partner LG Energy Solution.
GM also intends to invest $500 million in two assembly factories near Lansing, on top of this investment.
GM is to contribute roughly $6 billion of the $7 billion overall cost of the projects, which the automaker claims is its single greatest investment in history. According to the automaker, the investment would result in the creation of 4,000 employment in the state. The Wall Street Journal first the news of the Orion overhaul and new battery-cell production last month.
The initiatives in Michigan follow years of investment by automakers to increase manufacturing in the southern United States, shifting the auto industry’s center of gravity away from the industrial Midwest.
Toyota Motor Corporation announced plans to develop a battery facility in North Carolina last year, while Ford Motor Corporation invested in three battery factories, two in Kentucky and one in Tennessee, as well as a new electric-truck manufacturing outside Memphis, Tennessee.
Volkswagen AG increased electric car production at its Chattanooga, Tennessee, manufacturing in prior years. Polestar, a subsidiary of Chinese automaker Zhejiang Geely Holding Group Co., manufactures electric vehicles in South Carolina.
“This is fantastic news for us and for Michigan, which is at the heart of our EV development,” said GM President Mark Reuss. “For electric vehicle [research and development] and production, Michigan will be the acknowledged center and leader in the United States.”
‘For EV [research and development] and production, Michigan will be the acknowledged center and leader in the United States,’ says the report. Mark Reuss, the president of General Motors, said.
Ryan Garza/Zuma Press/Zuma Press/Zuma Press/Zuma Press/Zuma
GM has announced a $35 billion investment in electric and autonomous cars through 2025, with ambitions to build more than 1 million electric vehicles in factories, as part of its objective to exceed Tesla in electric vehicle sales in the United States.
According to consulting firm Alix Partners, other global automakers are also investing in electric vehicles, with a total bet of more than $300 billion by 2025. EV sales, however, will account for less than 2% of Ford and GM’s total sales in 2021, and will remain a small part of the broader auto industry.
Automakers have increasingly gravitated toward making electric car batteries in-house since supply chain disruptions have spooked them. Automobile executives have said that they desire ownership of that vital component of the electric car supply chain so that they can assist progress battery technology and avoid future shortages.
The $4 billion investment in the Orion Assembly facility will support production of the Chevrolet Silverado EV, which GM unveiled earlier this month, as well as the electric GMC Sierra, which is set to debut in 2024. When Orion Assembly and its Detroit factory are completely operating, GM expects a 600,000 electric-vehicle truck manufacturing capability, but it refused to provide a date.
According to Wards Intelligence, the automaker produced around 925,000 full-size gas-powered pickup trucks in North America last year.
The battery-cell plant is a 50-50 joint venture between LG Energy Solution and General Motors. It is the third factory to be built as part of this cooperation; two more factories are in the works, one in Ohio and the other in Tennessee.
The first electric pickup trucks were just released by Ford and GM. Mike Colias of the Wall Street Journal looks into the various techniques that the two traditional automakers are using to get their electric vehicles to market. Alexander Hotz/WSJ/WSJ/WSJ/WSJ/WSJ/WSJ/WSJ/
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Evergreen Michigan is a multibillion-dollar project. The project will create jobs and opportunities in the state of Michigan. Reference: evergreen michigan.
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