GM to invest $760 million to move Ohio plant to produce parts for electric vehicles

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

Join now for FREE unlimited access to

Toledo, OHIO/WASHINGTON, Sept 23 (Reuters) – General Motors Co (GM.N) said on Friday it would invest $760 million at its Toledo, Ohio plant to build drive units for electric trucks, the automaker’s first U.S. powertrain facility repurposed for electric vehicles. -related production.

America’s largest automaker currently builds GM’s six-, eight-, and ten-speed rear-wheel-drive transmissions and nine-speed front-wheel-drive transmissions in a variety of Chevrolets, Buicks, GMCs, and Cadillacs in its 2.82 million-foot squares of Toledo. , Ohio, transmission plan which he renamed Toledo Propulsion Systems.

Congress in August approved major financial incentives for automakers to convert factories producing parts for gasoline-powered vehicles to electric models.

Join now for FREE unlimited access to

“Once the plant is converted, it will produce GM’s family of EV drive units, which convert electrical energy from the battery into mechanical motion at the wheels,” GM said, adding that the plant will produce transmission products while simultaneously building drive units during GM. VE transition.

The Toledo plant currently employs approximately 1,500 people. Many autoworkers have expressed concerns about the shift to electric vehicles and whether it will impact current auto employment.

“This investment helps strengthen the job security of our Toledo team for years to come and is the next step in our journey toward an all-electric future,” said Gerald Johnson, GM’s executive vice president, Global Manufacturing. and Sustainability.

GM said last year it would increase its investment in electric and autonomous vehicles from 2020 to 2025 to $35 billion, a 75% increase, as it pledges to stop selling gasoline-powered vehicles from 2020 to 2025. 2035.

GM and LG Energy Solution (373220.KS) said last month they were considering a site in Indiana for a fourth U.S. battery cell manufacturing plant for the companies’ joint venture.

Last week, GM announced it would invest $491 million in its metal stamping operations in Marion, Indiana, to prepare the plant to produce a variety of steel and aluminum stampings for future products, including electric vehicles.

Join now for FREE unlimited access to

Reporting by David Shepardson and Joseph White Editing by Nick Zieminski

Our standards: The Thomson Reuters Trust Principles.

About Joan Dow

Check Also

Bethlehem’s Goodman Building goes from destruction by ‘mold stalactites’ to $9.1 million investment

The Goodman building was dry and shored up with actual soil running through most of …