General Motors President Mark Reuss discusses the decision to bring forward the company’s electric vehicle production schedule.
General Motors (GM) on Thursday announced a nearly $500 million investment in its Marion Metal Center to prepare the Indiana metal stamping plant to manufacture parts for electric vehicles and other future products.
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 40.67 | +0.04 | +0.09% |
The automaker’s investment, which totals $491 million, will go towards renovating the Marion Metal Center and building a roughly 6,000-square-foot addition, GM said in a press release. It will also fund the purchase and installation of two new press lines and the completion of press and tooling upgrades.
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“While this investment prepares the plant for our all-electric future, it is truly an investment in our talented Marion team and will keep the plant running for many years to come,” said Gerald Johnson, GM’s executive vice president of global manufacturing and sustainability in an opinion.
GMC Hummer electric vehicles are displayed on the production line at General Motors’ Factory ZERO all-electric vehicle assembly plant in Detroit, Michigan on November 17, 2021. (Emily Elconin/Bloomberg via Getty Images / Getty Images)
As part of the manufacturing process for the company’s Chevrolet, Buick, GMC and Cadillac vehicle brands, the Marion plant makes sheet metal parts for other GM assembly plants, according to the press release.
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“The new stamping presses, upgrades and renovations associated with the investment will provide job security for our members and help them provide for their families and support their local community for years to come,” said Ray Curry, UAW president and director of General Motors and Gaming departments said in a statement.
GM has secured enough battery raw materials to produce 1 million electric vehicles annually in North America by 2025, the company recently announced. (Portal/Rebecca Cook/Portal photos)
The upcoming work on the facility, which is slated to begin later in the year, comes after GM announced in June 2021 that it will invest over $35 billion through 2025 as part of its growth strategy, including expanding its electric vehicle portfolio and building more Vehicles in domestic battery factories. The company has secured enough battery raw materials to produce 1 million electric vehicles annually in North America by 2025, it recently announced.
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