GM plans to invest over $3 bln for EV projects in Michigan – WSJ

The new GM brand is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook dinner/File Photo

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Dec 10 (Reuters) – General Motors Co (GM.N) is planning to spend more than $3 billion to make electrical cars in its residence condition of Michigan, the Wall Avenue Journal described on Friday, citing folks common with the subject.

The firm designs to change its Orion Assembly plant in suburban Detroit into a hub for creating electrical pickup trucks and make a battery-mobile factory around a person of its assembly plants in Lansing, the Journal documented.

Shares of the U.S. automaker rose more than 3% in afternoon investing.

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The renovation of GM’s Orion Assembly plant, which builds its Chevrolet Bolt EV, would value at the very least $2 billion and build a lot more than 1,500 jobs at the manufacturing unit, in accordance to the report.

GM’s battery-cell venture has been planned as a 50-50 joint enterprise with its battery spouse, LG Power Options, splitting more than $2 billion concerning the two firms and maybe building about 1,200 work, the report included.

“GM is creating business scenarios for possible upcoming investments in Michigan,” the carmaker mentioned in an emailed statement, but declined to give any added facts about the tasks.

The carmaker in October outlined designs to double its profits by 2030 and grow to be the leader in U.S. electric auto gross sales. go through far more

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Reporting by Aishwarya Nair in Bengaluru and David Shepardson in Washington Editing by Ramakrishnan M.

Our Criteria: The Thomson Reuters Rely on Rules.

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