GM to spend $2.2 billion on making electric trucks and SUVs at Detroit factory By Reuters

© Reuters. GM Detroit-Hamtramck Assembly plant is seen in Hamtramck, Michigan

(Reuters) – General Motors Co (NYSE:) will invest $2.2 billion in its Detroit-Hamtramck assembly plant to build electric trucks and sport utility vehicles, the No.1 U.S. automaker said in a statement on Monday.

Reuters reported last year that GM plans to build a new family of premium electric vehicles at the plant beginning late 2021, possibly reviving its Hummer brand.

GM had planned a total investment of $7.7 billion across its U.S. plants over the next four years.

The investment at the Detroit plant will create more than 2,200 U.S. manufacturing jobs, GM said.

The company’s Detroit-Hamtramck plant currently operates one production shift and builds the Cadillac CT6 and the Chevrolet Impala sedans.

The plant will be idled for several months at the end of February, as GM starts renovations for the production of electric trucks and SUVs late next year.

Ford is also expected to begin building premium electric pickups in late 2021 at a Detroit-area assembly plant. Ford and GM expect annual electric truck production to hit around 40,000 units by 2024, analysts have said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*