GM bets US$7 billion on electric pickup and trucks production, its largest single investment in history
After previewing a bevy of its upcoming Chevy Silverado electric pickup trucks recently, General Motors today announced that it is doubling down on its EV bet with the single largest production investment in its history. GM will be spending US$4 billion to convert its Orion Assembly factory in Michigan to build electric pickups, and split a US$2.6 billion Ultium cells battery plant investment in Lansing with its partner in the venture LG. Lansing will also witness the rise of two new assembly factories for which GM will spend extra US$500 million, resulting in a nearly US$6 billion own investment into the making of electric pickup trucks.
This seems to be on top of the US$35 billion GM already pledged to spend on the electrification of its vehicle portfolio by 2025 and covers some of the carmaker's most iconic and popular models. The biggest single investment in GM's history will result in 4000 new jobs which would may be looked upon favorably by the current union-oriented administration in the White House, too. According to Mary Barra, the General Motors' CEO:
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,” said. “We are building on the positive consumer response and reservations for our recent EV launches and debuts, including GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Equinox EV and Chevrolet Silverado EV. Our plan creates the broadest EV portfolio of any automaker and further solidifies our path toward U.S. EV leadership by mid-decade.
GM plans to spend all those billions on EV production with a singular goal to beat Tesla and become America's largest electric car manufacturer with a capacity for one million EVs by 2025. The conversion of the Orion assembly plant is aimed squarely at the production of the Chevy Silverado EV that will launch early next year, as well as the GMC Sierra full-size electric SUV that is slated for a 2024 release. When the factory is fully operational, GM expects to have scaled its capacity to 600,000 electric vehicles. For comparison, General Motors produced 925,000 conventional pickup trucks last year, so the company obviously intends to move with breakneck speed on electrification.