GM (General Motors) said it will invest around $6.6 billion in Michigan through 2024 to increase electric pickup-truck production. GM will also build a new EV battery cell plant.
Among $6.6 billion, $2.6 billion will be spent for a new battery plant through a joint venture with LG Energy Solution in Lansing and $4 billion to convert its Orion Assembly plant to produce electric trucks such as upcoming versions of the Chevrolet Silverado and GMC Sierra, beginning in 2024.
GM wants to increase the production capacity to build 1 million electric vehicles by 2025. The majority of the 1 million units of electric vehicles in North America will be built Orion Assembly and GM’s Factory Zero plant in Detroit. Orion is expected to produce 360,000 vehicles annually by 2025, while Factory Zero is targeting 270,000 units.
GM has projected that it will dethrone Tesla as the top US-based Electric Vehicle seller by 2025.
“We will have the products, the battery cell capacity, and the vehicle-assembly capacity to be the EV leader by mid-decade,” GM CEO Mary Barra said in a statement.
GM’s new 2.8 million-square-foot battery plant with LG is expected to open in late 2024. This is GM’s third such facility to be announced in the U.S. The plants are being built through a joint venture with LG called Ultium Cells LLC.
