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 Haiti Sun 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 Haiti Sun.
More InformationWASHINGTON D.C.: The U.S. State Department has announced the launch of a new program to capture and analyze evidence of ...
JAKARTA, Indonesia: A new poll released this week indicated that Indonesian President Joko Widodo's approval rating has hit a six-year ...
EAST JAVA, Indonesia: A tourist bus crashed into a billboard on a highway on Indonesia's main island of Java this ...
BELGRADE, Serbia: Belgrade was paralyzed this week by a series of bomb threats, including against schools, bridges, restaurants and a ...
WASHINGTON D.C.: In a tweet this week, Amazon founder Jeff Bezos criticized President Joe Biden for the second time in ...
TEHRAN, Iran: According to social media posts, protests that began last week across Iran over a reduction in state subsidies ...
Detroit, Michigan: General Motors, Ford and Chrysler parent Stellantis NV said they are reinstating the face mask mandate for employees ...
SEOUL, South Korea: As North Korea grapples with a severe COVID-19 outbreak, South Korean President Yoon Suk-yeol has said that ...
SYDNEY, NSW, Australia - Stocks in Asia mostly sank on Thursday, following on from a rout on Wall Street overnight."There ...
LONDON, England: Israeli startup REE Automotive has announced that it will build an assembly plant for electric vehicles (EVs) in ...
BEIJING, China: The Commercial Aircraft Corp of China (Comac) completed a three-hour pre-delivery test flight of China's C919 aircraft at ...
NEW YORK, New York - Soaring prices have taken their toll on U.S. retailer Target which reported first-quarter profit had ...