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General Motors Company (NYSE:GM) Announce $3 Billion Investment For Production Of Electric Trucks

General Motors Company (NYSE:GM) has announced a $3 billion investment for the production of a range of all-electric pickup trucks and SUVs and also autonomous vehicles unveiled by Cruise.

GM to produce electric trucks

Out of the total investment, the company is putting $2.2 billion to its Detroit-Hamtramck plant for the development of electric vehicles. Equally, GM will invest around $800 million in supplier tooling as well as other projects associated with the launch of electric cars.

The company will commence a new program with an all-electric truck expected to go into production towards the end of 2021. The self-driving shuttle Cruise Origin will be the second vehicle that will be produced in the plant. There are unconfirmed reports that the all-electric trucks the company will produce will include a Hummer. GM has, however, not confirmed these plans.

This plant will be the dedicated electric car assembly plant, and once complete and fully operational, it will create over 2,200 jobs.

While speaking at an event at the Detroit plant, GM President Mark Reuss stated that the company was building the future. The Detroit-Hamtramck plant currently produces the Cadillac CT6 and Chevrolet Impala, both of which the company wants to put an end to their production by the end of next month. As from February, the plant will be idle as the company embarks in retooling it.

GM in various ventures

The latest announcement comes following a spate of autonomous and electric vehicle news by the company. This includes the formation of a joint venture with LG Chem for the mass production of electric vehicle batteries. In December, the two companies announced a $2.3 billion investment in the joint venture to establish an electric vehicle battery assembly plant in Lordstown, Ohio. Groundbreaking for the assembly plant will take place mid this year, and it will create around 1,100 new jobs.

The company is also in a joint venture with Honda for the production of Cruise Origin, which is a ridesharing shuttle. The autonomous vehicle has no pedals or steering wheels and can travel at high speeds.

Published by Chris Brown

About Me: I have a Phd in Economics Gender: Male Interests: Playing games like cricket, volleyball Favorite Music: hip hop, rock, jazz

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