General Motors made its largest-ever investment announcement today, unveiling plans for over $7 billion of investment in its home state of Michigan, as the automotive giant looks to significantly ramp its electric truck and battery production capacity. With the new investments, GM anticipates having more than 1 million units of electric vehicle capacity in North America by the end of 2025.
GM’s plans include investments in four Michigan manufacturing sites, including the $4 billion conversion of its Orion Township assembly plant for production of the Chevrolet Silverado EV and the electric GMC Sierra, a new 2.8 million-square-foot battery cell manufacturing plant in Lansing, in addition to investments in two Lansing-area vehicle assembly plants for near-term product enhancements. The $2.6 billion battery facility investment will be made through its Ultium Cells JV with LG Energy Solutions.
Mary Barra, GM Chair and CEO, said:
“Today we are taking the next step in our continuous work to establish GM’s EV leadership by making investments in our vertically integrated battery production in the U.S., and our North American EV production capacity.”
With the Orion conversion and the new Ultium battery plant, along with the completion reconfiguration of its Detroit-Hamtramck Assembly Center to the Factory ZERO all-electric vehicle assembly plant, GM’s total full-size electric truck production capacity will reach 600,000 trucks, positioning the company to reach its goal to be the EV market leader in North America by 2025.
GM initially introduced the 2025 goal to reach 1 million EV capacity in June 2021, announcing at the time plans to invest $35 billion in its EV and AV strategy between 2020 and 2025.
“Our plan creates the broadest EV portfolio of any automaker and further solidifies our path toward U.S. EV leadership by mid-decade.”