GM eyes $3 billion in investment in Michigan EV plants -source

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook/File Photo

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Dec 10 (Reuters) – General Motors (GM.N) is considering investments in two electric vehicle-related facilities in Michigan, one with partner LG Energy Solution (051910.KS), that could top $4 billion, a source familiar with the plan told Reuters.

If approved, GM’s share of the total investment in the two Michigan EV projects would be $3 billion.

GM is looking at a new $2 billion battery plant near Lansing, as well as a $2 billion overhaul of its Orion Township assembly plant north of Detroit, the source said, adding that the cost of the Lansing battery plant would be shared with LGES.

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The Orion plant, which now builds the Chevrolet Bolt, would be converted to build products using GM’s Ultium EV platform, the source said.

Shares in GM were up 3.3% to $61.59 in mid-day trade.

GM Chief Executive Mary Barra told reporters on Thursday that a decision on new plants in Michigan and elsewhere could be “weeks away.”

GM said in a statement on Friday that it was “developing business cases for potential future investments in Michigan,” but that “these projects are not approved and securing all available incentives will be critical for any business case to continue moving forward.”

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Reporting by David Shepardson in Washington; Editing by Alexander Smith

Our Standards: The Thomson Reuters Trust Principles.

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