GM Investing $2 Billion to Transition Spring Hill, Tennessee Plant to Build Electric Vehicles, including Cadillac LYRIQ
Tue, October 20, 2020
Additional investments at five Michigan plants planned for future crossover, pickup and Cruise AV productionWARREN, Mich., Oct. 20, 2020 /PRNewswire/ -- General Motors Co. (NYSE: GM) announced today that its Spring Hill, Tennesseeassembly plant will begin the transition to become the company's third vehicle manufacturing site to produce electric vehicles, joining Factory ZERO in Detroit and Hamtramck, Michigan, and Orion Assemblyin Orion Township, Michigan. In addition, the company is confirming investments in five Michigan plants, including the Lansing Delta Township Assembly and Flint Assembly for future crossover and full-size pickup production.
The all-new Cadillac LYRIQ will be the first EV produced at Spring Hill. Production of the Cadillac XT6 and XT5 will continue at Spring Hill. The facility will build both traditionally powered Cadillac products and EVs.
The six U.S. facility investments total more than $2 billion, bringing the total amount GMhas invested or committed to invest in its U.S.manufacturing sites to more than $29 billionsince 2009. Today's planned investments include:
- $2 billion will be invested in Spring Hill Manufacturing to build fully electric vehicles including the luxury Cadillac LYRIQ. Through this investment, Spring Hill'spaint and body shops will undergo major expansions and the general assembly will receive comprehensive upgrades, including new machines, conveyors, controls and tooling. The renovation work in Spring Hill will begin immediately.
- Production of the next-generation GMC Acadia will move to Lansing Delta Township Assembly, representing an investment of more than $100 million.
- $32 million will be invested at Flint Assembly for future production of heavy-duty Chevrolet Silverado and GMC Sierra pickups, which have gained significant market share in the United States and Canada.
- $17 million will be invested in the Romulus, Michigan propulsion plant to enhance automation and increase capacity of GM's 10-speed truck transmission, which is used in full-size pickups and other key products, including the all-new Chevrolet Tahoe and Suburban, GMC Yukon and Yukon XL, and the Cadillac Escalade.
- $3.5 million will be invested at Orion Assembly. In addition, $750,000 will be invested at GM's site in Brownstown Charter Township, Michigan. Both investments are related to additional production of the Cruise AV test vehicle at Orion Assembly.
Launch timing and additional product details will be released at a later date.
"We are committed to investing in the U.S., our employees and our communities," said GMChairman and CEO
Mary Barra. "These investments underscore the success of our vehicles today, and our vision of an all-electric future."In the last 19 months, GM has committed to invest more than $4.5 billion at three U.S.manufacturing sites to prepare those facilities for EV-related vehicle production.
In January, GM announced it was investing $2.2 billion at its Detroit-Hamtramck Assembly, now known as Factory ZERO, Detroit-Hamtramck Assembly Center. Production of the first all-electric GMC HUMMER EV pickup, the first of a variety of all-electric trucks and SUVs to be built at GM's Factory ZERO plant, will begin in late 2021. This will be followed soon after by the Cruise Origin, a purpose-built electric, self-driving vehicle.
When Factory ZERO is fully operational, this investment will create more than 2,200 good-paying U.S. manufacturing jobs. GM is also investing an additional $800 million in supplier tooling and other projects related to the launch of the new electric trucks.
In March 2019, GM announced it would invest $300 million in Orion Assembly to produce a new Chevrolet electric vehicle, bringing 400 new jobs to the facility. This new Chevrolet EV joins the existing Chevrolet Bolt EV and will be designed and engineered based on an advanced version of the current award-winning Bolt EV architecture.
Separately, GM and LG Chem formed a joint venture – Ultium Cells LLC – and together are investing more than $2.3 billion to build a new, state-of-the-art battery cell manufacturing plant in Lordstown, Ohio that will create more than 1,100 new jobs. Construction of the facility is well underway. The new battery cell manufacturing plant will play a critical role in GM's commitment to an all-electric future.
General Motors (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojunand Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
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21-10-2020, 07:03 AMCheckmateGeneral Motors (GM)
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22-10-2020, 11:46 AMCheckmate
Is anyone looking at GM for a long term investment? I think they are well positioned to take a lot of the EV market.
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22-10-2020, 12:26 PMMarineSalvage
I've started to keep an eye on them... I hold WKHS/Diamond Peak/Tesla shares so interested in how the Hummer EV will go vs the Cybertruck and Endurance.
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27-10-2020, 04:40 PMSBQ
GM is so off the mark in terms of EV production that it's very unlikely they will ever come back to their former glory days. Over in the US, Tesla has literally taken over the EV market which is a market share that basically every other car maker has lost. That 'Loss' translate a loss in GM's market cap value and gone over to TSLA's near $380 BILLION market cap. GM has a value around $50B.
The Chinese auto makers too are embracing EV. Not so sure about the EU as the stumbling block is ... technology. The EV has to be technically advanced enough to take away ICE buyers. -
29-10-2020, 08:40 PMCheckmatedoesn’t seem like they are far behind.. recently outperforming Tesla.. how do you know they haven’t been working on EV technology for years?Quote:
Originally Posted by SBQ
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30-10-2020, 12:50 PMSBQAre you kidding me? It doesn't take much to do an online search to see how far ahead Tesla is to the rest:Quote:
Originally Posted by Checkmate
https://www.youtube.com/watch?v=6rbsNaWYxVc
GM is at least 5 years behind which is a lot in terms of high tech and issuing models. How long did GM take to make their Bolt? How many Bolts were sold?