RT.com
27 Jan 2022, 04:12 GMT+10
General Motors intends to boost spending on EV production to topple Elon Musk's company
American automotive giant General Motors said on Tuesday it will pour $6.6 billion into boosting its electric pickup truck production and building a new electronic vehicle (EV) battery cell plant in its home state of Michigan.
The carmaker wants to overtake Tesla as the world's biggest producer of electric vehicles.
"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, as cited by CNBC.
The investment will include $2.6 billion for the construction of a new battery plant in partnership with LG Energy Solution and $4 billion for converting GM's existing Orion Assembly plant in Detroit to produce electric trucks, like the recently announced and highly anticipated Chevrolet Silverado and GMC Sierra, scheduled for launch in 2024.
The announced funds also represent a part of GM's $35 billion agenda to increase its North American production capacity to 1 million electric vehicles by 2025. The carmaker forecasts it may beat rival EV producer Tesla as the top US-based seller of electric vehicles by that time.
The company also pledged to invest an additional $510 million to upgrade two of its non-electric vehicle assembly plants in Michigan.
"Michigan will be the recognized hub and leader of innovation in the US for EV R&D and manufacturing," the company's president, Mark Reuss, said during a media briefing.
GM is also converting its plants in Tennessee, Canada, and Mexico to assemble EVs, projecting that by 2030 half of its North American plants will be focused solely on EV production.
The car company has a long and bumpy road ahead, however, if it plans to topple Tesla as the top EV producer. Elon Musk's EV giant delivered 936,172 electric vehicles globally last year. According to some estimations, Tesla's 2021 US deliveries were well over 300,000 EVs, while GM sold less than 25,000 units, ranking third after Ford with 27,140 Mustang Mach-E EVs sold.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Caribbean Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Caribbean Herald.
More InformationLONDON, England: UK officials are expected to approve a request by Shell Oil to develop a North Sea gas field, ...
MADRID, Spain: Hotels in Spain are seeing a rebound in tourism, increasing their rates by 36 percent in April over ...
NEW YORK, New York - U.S. stocks raced ahead on Friday, with technology shares leading the way on signs inflation ...
WASHINGTON D.C.: Due to seat-belt mechanisms that could explode and shoot out metal fragments in the event of a crash, ...
SEATTLE, Washington: Following the decision of McDonald's, Seattle-based Starbucks said this week that it will exit the Russian market after ...
SYDNEY, NSW, Australia - Stocks in Asia were stronger across the board on Friday, following a two-day surge on Wall ...
SANTIAGO, Chile: Easter Island, one of Chile's most important tourist attractions, will reopen to visitors on August 1, the government ...
ROME - Cardinal Angelo Sodano, a once-powerful Italian prelate who long served as the Vatican's No. 2 official but whose ...
VATICAN CITY - Cardinal Angelo Sodano, a controversial Vatican power broker for more than a quarter of a century who ...
Washington [US], May 28 (ANI): With every passing day, the noise around Johnny Depp and Amber Heard's trial is growing ...
Hyderabad (Telangana) [India], May 28 (ANI/BusinessWire India): Balaxi Pharmaceuticals Limited (Balaxi), a branded IPR-based pharmaceutical company headquartered in Hyderabad, reported ...
MEXICO CITY - Mexico's energy regulator fined Spanish firm Iberdrola $467 million for improperly selling electricity to third parties in ...