GM investing more than $1B in Michigan plants to boost heavy-duty truck production
Move comes after GM announced another $1B expansion of EV battery materials venture
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General Motors is investing big bucks to boost the production of its full-sized trucks.
The automaker announced Monday it is investing another $1 billion in two of its Flint, Michigan, plants, to prepare the sites to produce the next-generation internal combustion engine (ICE) heavy-duty trucks.
"These investments reflect our commitment to our loyal truck customers and the efforts of the dedicated employees of Flint Assembly and Flint Metal Center," Gerald Johnson, GM's executive vice president of global manufacturing and sustainability, said in a statement.
The General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. GM announced it is bolstering its EV battery material supply chain in North America. (REUTERS/Rebecca Cook / Reuters Photos)
GM said its latest announcement brings the company's U.S. manufacturing and parts distribution facility investment commitments to more than $30 billion since 2013.
Meanwhile, the automaker is also investing heavily in its electric vehicle battery supply chain in North America.
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GM and South Korea's Posco Future M announced Friday that the firms are spending another $1 billion combined to expand their joint partnership, Ultium CAM.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 55.49 | +0.70 | +1.29% |
Ultium CAM was launched last year with a $327 million investment to build a chemical battery materials plant in Canada to produce Cathode Active Material (CAM), which is expected to be operational in 2025.
GMC Hummer electric vehicles on the production line at General Motors' Factory ZERO all-electric vehicle assembly plant in Detroit, Michigan, on Nov. 17, 2021. (Getty Images)
The expansion announced last week is the second phase of the venture, and includes a second CAM facility along with a facility for on-site processing Precursor CAM (pCAM). Site selection has not yet been announced.
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"Increasing CAM production capacity and adding pCAM to our joint venture is another significant step in building a more secure and sustainable North America-focused supply chain to support GM’s fast-growing EV production needs," Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain, said in a statement.
A Chevrolet Silverado pace truck drives through turn seven on a parade lap before the NTT IndyCar Series GMR Grand Prix on May 13, 2023, at Indianapolis Motor Speedway Road Course in Indianapolis, Indiana. (Photo by Michael Allio/Icon Sportswire via Getty Images / Getty Images)
"We started by establishing battery cell production in the U.S. From there, we have been working through the entire battery supply chain, all the way to raw material recovery," Parks said. "We’re building higher levels of vertical integration, driving expanded investment and helping create jobs across North America."
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GM is looking to expand its EV capacity in North America with four U.S. battery cell joint venture plants. The Ultium CAM venture is expected to support the production of roughly 360,000 GM EVs annually in 2025-2030, the company said.