GM announces $491M investment in Indiana facility as part of EV production efforts

video

GM president on accelerating all-electric push to meet high demand

General Motors President Mark Reuss discusses the decision to move the timetable forward for the company’s electric vehicle production.

General Motors (GM) on Thursday announced a nearly $500 million investment into its Marion Metal Center to help ready the Indiana metal stamping plant to make parts for electric vehicles and other future products.

TickerSecurityLastChangeChange %
GMGENERAL MOTORS CO.40.67+0.04+0.09%

The automaker's investment, which totals $491 million, will go towards renovating the Marion Metal Center and building a roughly 6,000-square-foot addition to it, GM said in a press release. It will also fund the buying and installation of a pair of new press lines and the finishing of press and die upgrades.

GM TO OFFER FRANCHISE BUYOUTS TO U.S. BUICK DEALERS

"While this investment prepares the facility for our all-electric future, it's really an investment in our talented Marion team and will keep the plant working for many years to come," Gerald Johnson, GM's executive vice president of global manufacturing and sustainability, said in a statement.

GMC Hummer electric vehicles are shown on the production line at General Motors’ Factory ZERO all-electric vehicle assembly plant in Detroit, Michigan, on Nov. 17, 2021. (Emily Elconin/Bloomberg via Getty Images / Getty Images)

As part of the manufacturing process for the company's Chevrolet, Buick, GMC and Cadillac vehicle brands, the Marion facility makes sheet metal parts for other GM assembly plants, according to the release. 

GM VENTURE BEGINS BATTERY CELL PRODUCTION AT NEW OHIO FACTORY

"The new stamping presses, upgrades and renovations associated with the investment will create job security for our members and help them care for their families and support their local community for years to come," Ray Curry, UAW president and director of the General Motors and Gaming departments, said in a statement.

GM has secured enough battery raw materials to achieve 1 million EVs annually in North America by 2025, the company recently announced. (REUTERS/Rebecca Cook / Reuters Photos)

The upcoming work on the plant, which is set to begin later in the year, comes after GM said in June 2021 that it will invest over $35 billion through 2025 as part of its growth strategy, including expanding its electric vehicle portfolio and constructing more domestic battery factories. The company has secured enough battery raw materials to achieve 1 million EVs annually in North America by 2025, it recently announced.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article