GM sets $6.5 billion for Michigan EV plants, Auto News, ET Auto

GM announced in June that it would increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30% jump from its previous forecast.

WASHINGTON/DETROIT — General Motors and a joint venture with LG Energy Solution are to announce investments of more than $6.5 billion next week in Michigan in new electric truck and battery factories, according to a state document and sources informed about it.

The Michigan Strategic Fund said Friday it plans to review at a Tuesday board meeting plans by GM and joint venture Ultium Cells to invest $6.5 billion and create 4,000 jobs. at the Lansing and Orion Township sites.

In December https://www.reuters.com/business/autos-transportation/gm-eyes-3-billion-investment-michigan-ev-plants-source-2021-12-10, Reuters reported that GM offered to build a $2.5 billion battery factory near Lansing with LG Energy Solution creating 1,700 jobs. The two companies should share the costs.

GM is also expected to invest at least $4 billion in Orion Township to build versions of the new Chevrolet Silverado and GMC Sierra electric pickup trucks, sources said. A major factory expansion is expected to be completed by 2025.

The automaker is also planning electric versions of its heavy-duty pickup trucks, but they are unlikely to be built at the expanded Orion plant, one of the sources said.

GM announced plans in January 2021 to eliminate tailpipe emissions from new light-duty vehicles by 2035. The company confirmed this month that it also plans to eliminate tailpipe emissions from new heavy-duty vehicles. by 2035.

GM said in a statement Friday that it appreciates the support “related to two potential projects GM is considering in Orion Township and Lansing. Until these projects receive final approval, we have no comment on potential announcement timing”.

GM announced in June that it would increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30% jump from its previous forecast.

Some 4.4 million individual investors ensured that the trading leg of the initial public offering (IPO) was almost 70x oversubscribed by the end of the two-day auction period on Wednesday, according to LGES.

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