General Motors Co plans to invest more than $ 3 billion to make electric vehicles in its native state of Michigan, the Wall Street Journal reported Friday, citing people familiar with the matter.
The company plans to turn its Orion assembly plant in suburban Detroit into a hub for making electric trucks and to build a battery cell factory near one of its assembly plants in Lansing, the Journal reported.
Shares of the US automaker were up more than 3% in afternoon trading.
The renovation of GM’s Orion assembly plant, which builds its Chevrolet Bolt EV, would cost at least $ 2 billion and create more than 1,500 jobs at the factory, according to the report.
GM’s battery cell project has been planned as a 50% joint venture with its battery partner, LG Energy Solutions, splitting more than $ 2 billion between the two companies and possibly creating around 1,200 jobs, the report adds. .
“GM is developing business cases for potential future investments in Michigan“The automaker said in an emailed statement, but declined to give additional details on the projects.
The firm detailed plans in October to double its revenue by 2030 and become the leader in sales of electric vehicles in the United States.
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