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GM to invest $760 million to shift Ohio plant to EV-part production

Toledo, OHIO/WASHINGTON (Reuters) - General Motors Co (NYSE:GM) said Friday it will invest $760 million at its Toledo, Ohio factory to build drive units for electric trucks, the...
GM to invest $760 million to shift Ohio plant to EV-part production © Reuters. FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook
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Toledo, OHIO/WASHINGTON (Reuters) - General Motors Co (NYSE:GM) said Friday it will invest $760 million at its Toledo, Ohio factory to build drive units for electric trucks, the automaker's first U.S. powertrain facility repurposed for EV-related production.

Th largest U.S. automaker currently builds GM’s six-speed, eight-speed and 10-speed rear-wheel drive and nine-speed front-wheel drive transmissions in a variety of Chevrolet, Buick, GMC and Cadillac at its 2.82-million square foot Toledo, Ohio, transmission plan that it has renamed Toledo Propulsion Systems.

Congress in August approved significant financial incentives for automakers to convert plants producing parts for gasoline-pore vehicles to electric models.

"Once the plant is converted, it will produce GM’s family of EV drive units, which convert electric power from the battery pack to mechanical motion at the wheels," GM said, adding the plant will produce transmission products while building drive units simultaneously during GM’s EV transition.

The Toledo facility currently employs approximately 1,500 people. Many autoworkers have expressed concerns about the shift to EVs and if it would impact current auto employment.

"This investment helps build job security for our Toledo team for years to come and is the next step on our journey to an all-electric future," said GM executive vice president of Global Manufacturing and Sustainability Gerald Johnson.

GM said last year it would increase its EV and autonomous vehicle investments from 2020 through 2025 to $35 billion, a 75% increase as it vows to stop selling gas-powered vehicles by 2035.

GM and LG Energy Solution said last month they are considering a site in Indiana for a fourth U.S. battery cell manufacturing plant for the companies' joint venture.

Last week, GM said it would invest $491 million at its Marion, Indiana metal stamping operations to prepare the facility to produce a variety of steel and aluminum stamped parts for future products, including electric vehicles.

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05-10-2022 15:51:36 (UTC+7)

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    EUR/USD 0.9944 ↑ Buy  
    GBP/USD 1.1428 ↑ Buy  
    USD/JPY 144.32 ↑ Sell  
    AUD/USD 0.6485 ↑ Buy  
    USD/CAD 1.3574 Sell  
    EUR/JPY 143.51 ↑ Sell  
    EUR/CHF 0.9756 ↑ Sell  
    Gold 1,723.35 ↑ Buy  
    Silver 20.788 ↑ Buy  
    Copper 3.4865 ↑ Buy  
    Crude Oil WTI 86.25 Sell  
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    US Coffee C 219.30 ↑ Buy  
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    FTSE 100 7,011.08 ↑ Buy  
    Hang Seng 18,069.00 ↑ Sell  
    Small Cap 2000 1,775.77 ↑ Buy  
    IBEX 35 7,586.70 Neutral  
    BASF 41.685 ↑ Buy  
    Bayer 48.93 ↑ Sell  
    Allianz 166.27 ↑ Buy  
    Adidas 124.65 ↑ Buy  
    Lufthansa 5.917 Neutral  
    Siemens AG 105.58 ↑ Buy  
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Cập nhật 05-10-2022 15:51:39
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Cập nhật lúc 14:29:44 05/10/2022
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