GM investing $500 million to build big new internal combustion-powered SUVs
The full-size trucks are among the automaker's best-sellers
2023 Escalade-V named the most powerful Cadillac to date
Automotive Editor at Fox News Gary Gastelu test drives the 2023 Cadillac Escalade-V at Raceway Park in Englishtown, New Jersey on ‘Varney & Co.’
General Motors on Thursday confirmed a $500 million investment in its Arlington, Texas, assembly plant to get it ready to build the next generation of its internal combustion engine-powered full-size SUVs.
The news came on the same day that GM CEO Mary Barra and Tesla CEO Elon Musk announced a landmark deal that will see GM's future electric vehicles adopt Tesla's charging technology and gain access to its Supercharger network.
"Today we are announcing plans for a significant investment in Arlington to strengthen our industry-leading full-size SUV business," GM's executive vice president of Global Manufacturing and Sustainability Gerald Johnson said.
"Preparing the plant to produce future ICE full-size SUVs reflects our commitment to our valued customers and the efforts of the dedicated Arlington Assembly employees, who have been breaking production records this year."
GM DITCHING BOLT, SHIFTING TO ELECTRIC TRUCKS
The Chevrolet Tahoe is the best-selling full-size SUV. (Chevrolet)
The Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade comprise the best-selling lineup of full-size SUVs in the U.S. and are a major profit center for GM.
Starting prices for the models range from $56,095 for the entry-level Tahoe to $151,090 for the high performance Escalade-V.
The GMC Yukon is available in the off-road AT4 model. (GMC)
The move follows a $854 million investment in V8 engine production to support GM's large SUVs and pickups that was announced in January.
GM INVESTING MORE THAN $1B IN MICHIGAN PLANTS TO BOOST HEAVY-DUTY TRUCK PRODUCTION
A timeframe for the launch of the next-generation SUVs has not been revealed, but they will be joined by an all-electric Cadillac Escalade in 2025 that is built on a separate platform shared with the GMC Hummer EV and upcoming Chevrolet Silverado EV.
The Cadillac Escalade-V starts at $150,090. (Cadillac / Fox News)
In May, GM revealed that the new model will be called the Cadillac IQ, but has withheld further details for the time being.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"The Cadillac ESCALADE IQ will be revealed later this year and promises the same commitment to craftsmanship, technology and performance that has helped the Escalade nameplate dominate the large luxury SUV segment for the last 20 years," the brand said.