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Friday, January 27, 2023

General Motors (NYSE: GM) Announces $7B Investment in Four Michigan Manufacturing Sites

General Motors Company (NYSE: GM) disclosed that it has invested more than $7 billion in four Michigan manufacturing sites. This investment will create 4,000 new jobs, and keeping 1,000, and considerably grow battery cell and electric truck production ability. This is the single largest investment declaration in GM history.

These funding are the latest move in GM’s plan to lead the electric vehicle industry in North America by 2025. When both Factory ZERO and Orion facilities are fully scaled, the financing in Orion and Ultium Cells Lansing will enable the growth of full-size electric truck production capacity to 600,000 trucks. GM has been the undisputed leader in full-size truck deliveries in the US over the last two years.

Furthermore, the funding includes the construction of a new Ultium Cells battery cell plant in Lansing, as well as the conversion of GM’s assembly plant in Orion Township, Michigan, to produce the Chevrolet Silverado EV and the electric GMC Sierra. This will be GM’s second assembly plant to build full-size electric pickups.

In addition, other than the EV-related funding in Michigan, GM is investing more than $510 million in its two Lansing-area vehicle assembly plants to elevate their production capabilities for near-term products. These grants are likely to create opportunities in Michigan for the company to bring its workers along on its transition to an all-electric future.

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