GM makes $7B investment in Michigan for EV and battery production – Roadshow

General Motors opened its wallet on Tuesday and announced a staggering $7 billion investment in Michigan. The investment, which GM said is its single largest in the company’s 112-year history, will help transform the state into an EV and battery production powerhouse.

The investment breaks down into a few key areas. The first chunk of funds, $4 billion, will go to the automaker’s factory in Orion Township, which currently builds the Chevrolet Bolt EV and Bolt EUV. GM will overhaul and transform the factory to build the Chevrolet Silverado EV and the GMC Sierra EV. It marks the second plant in Michigan that will build electric pickup trucks, after Factory Zero in Detroit-Hamtramck. Production of the trucks will take place in 2024 at the site.

A second part of the investment, totaling $2.6 billion, will be for a brand-new facility in Lansing. GM and LG Chem’s Ultium Cells joint venture will construct a new facility to manufacture battery cells for the automaker’s Ultium battery technology. This new site will directly supply the plant in Orion and other nearby GM assembly plants. This also marks the third battery-cell production site GM plans for. The first two sites are under construction in Ohio and Tennessee. Operations at the new plant will begin in late 2024, according to the automaker.

The final portion of funds will go to GM’s Lansing Delta Township and Lansing Grand River assembly plants in Michigan. The two will receive $510 million. The former’s funds will support the next-generation Chevy Traverse, while the latter receives funds for more vague “plant upgrades.” The site currently builds the Chevy Camaro coupe, Cadillac CT4 and CT5 sedans.

GM expects the whopping investment will create 4,000 new jobs in the state between the Orion assembly plant and new Ultium battery cell plant. In addition, it will retain 1,000 current jobs at the factories. When the battery plant and upgrades at the Orion plant finish, GM expects to have 1 million units of EV capacity in North America as demand rises. By the end of the decade, the automaker projects it will convert half of its assembly plants across the continent to build electric vehicles.