GM to invest more than $2 billion in U.S. manufacturing to increase electric vehicle production
General Motors is investing about $2.2 billion in its U.S. manufacturing operations, largely to increase production of electric vehicles, the company announced Tuesday.
The investment is the latest for the Detroit automaker as it pivots toward EVs under GM CEO Mary Barra’s “triple zero” vision of zero crashes, zero emissions and zero congestion — an overarching goal for the company.
Since March 2019, GM has committed to invest more than $4.5 billion in three U.S. manufacturing sites to prepare for EV-related production. The company has previously said it plans to release at least 20 new electric vehicles globally by 2023, including the upcoming GMC Hummer EV, which will be unveiled Tuesday night.
“We are committed to investing in the U.S., our employees and our communities,” Barra said in a statement. “These investments underscore the success of our vehicles today, and our vision of an all-electric future.”
Shares of GM were up about 5% on Tuesday ahead of the Hummer unveiling and as BofA Securities said GM’s “solid business plan” is not reflected in the company’s stock price.
Source : cnbc
