General Motors Bets $449M on Electric Vehicle Development
General Motors (NYSE:GM) on Tuesday revealed that it will be investing $449 million into new electrification projects and development “for the next generation of electric vehicles and advanced battery technologies” in order to upgrade the manufacturing processes at the Detroit-Hamtramck Assembly and Brownstown Battery Assembly facilities, the company said.
“Michigan is poised for even greater global leadership in automotive innovation,” Michigan Gov. Rick Snyder said in the company’s statement. “This significant investment by GM will harness the power of our state’s unparalleled assets, such as its talent, world-class universities, and research and development capabilities.”
About $384 million in funds will go toward the Detroit-Hamtramck plant for new Body Shop tooling, equipment, and additional plant upgrades to build the next-generation Chevrolet Volt and “two future products.” General Motors has now invested a total of more than $1 billion in Detroit-Hamtramck in the last five years.
The remaining $65 million will be poured into the Brownstown Battery Assembly in order to “support the next generation of lithium-ion battery production and future battery systems,” GM said.