GM plans to invest $6.5 billion and create 4,000 jobs at its EV factories in Michigan

GM plans to invest $6.5 billion and create 4,000 jobs at its EV factories in Michigan

GM is to announce big electric-vehicle investments in Michigan next week, with plans to invest $6.5 billion and generate up to 4,000 new jobs at two sites.

According to a meeting agenda posted online, the state’s economic development board is set to adopt an incentive package on Tuesday.

The Detroit automaker’s plan to partner in a joint venture to create a $2.5 billion electric-vehicle battery factory in the Lansing area, which may employ up to 1,700 people, was previously revealed by the Associated Press. Along with factories in Detroit-Hamtramck and Spring Hill, Tennessee, GM aims to invest $4 billion and generate up to 2,300 new jobs by designating an existing plant in Orion Township as its third electric-vehicle factory.

Three Ford Motor Co. battery plants and a Ford electric-vehicle assembly factory will be built in Kentucky and Tennessee, so the picks represent a significant gain for Michigan.

Michigan legislators and Governor Gretchen Whitmer have established a new $1 billion fund to attract significant business ventures.

Last month, Quentin Messer Jr., CEO of the Michigan Economic Development Corp. and president and chair of the Michigan Strategic Fund, remarked, “The Ford announcement felt like a punch in the nose.” “Michiganders have always responded to every punch with a more forceful counterpunch.”

The Chevrolet Bolt electric hatchback and small SUV are currently produced at the Orion Township facility, which is located roughly 40 miles (64 kilometres) north of Detroit and employs slightly over 1,100 people. The company has stated that it will shortly announce the manufacturing of electric pickup trucks at an existing manufacturing. The production of the Bolt has been halted due to a battery recall.

The battery plant will be built on the grounds of General Motors’ Lansing Delta Township Assembly plant, which produces the Buick Enclave and Chevrolet Traverse SUVs.

In a written statement, company spokesperson Dan Flores stated, “GM appreciates the support it has received from the Governor, the State Legislature, Orion Township, the City of Lansing and Delta Township related to two prospective projects that GM is considering in Orion Township and Lansing.” “Until these projects receive final approval, we have no comment on potential announcement timing,” says the company.

Electric vehicles accounted for fewer than 3% of new car sales in the United States last year, but analysts predict significant growth over the coming decade. Approximately 400,000 totally electric vehicles were purchased by consumers.

EV sales are expected to increase to 763,000 this year and more than 1.2 million by 2023, according to the LMC Automotive research group. EVs are expected to account for about 44 percent of new car sales by 2033, with roughly 7.4 million sold, according to the company.

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