The engines were assembled en route down the assembly line at General Motors (GM) manufacturing facility in Spring Hill, Tennessee on August 22, 2019.
Harrison McClary | Reuters
General Motors is investing more than $ 2.2 billion in its manufacturing facilities in the United States, primarily to increase production of electric vehicles, the company announced on Tuesday.
The investment is the latest for the Detroit automaker as it translates into electric vehicles, as part of GM CEO Mary Barra's vision of zero accidents, zero emissions, and congestion – an overarching goal for the company.
As of March 2019, GM has committed to invest more than $ 4.5 billion in three manufacturing facilities in the United States to prepare for production related to electric vehicles. The company has already announced that it will launch at least 20 new electric vehicles worldwide by 2023, including the upcoming GMC Hummer EV, which will be unveiled on Tuesday evening.
"We are determined to invest in the US, our people and our communities," Barra said in a statement. "These investments underline the success of our vehicles today and our vision of a fully electric future."
GM's shares rose about 5% on Tuesday before the Hummer reveal. As BofA Securities said, GM's "sold business plan" is not reflected in the company's share price.
The new investments of more than 2.2 billion US dollars will be made in the coming years, according to the company.
About $ 2 billion of that money will go to a facility in Spring Hill, Tennessee, to produce future electric vehicles, including the recently unveiled Cadillac Lyriq crossover. Renovation work at the facility, which will be GM's third electric vehicle manufacturing facility in the US, will begin immediately, according to the automaker.
In conjunction with the announcement, GM will eventually move production of the GMC Acadia from its Tennessee facility to a mid-Michigan facility. The company announced that it will invest more than $ 100 million at its Lansing Delta Township facility to assemble the next generation Acadia crossover at an undisclosed date.
Electric vehicle independent, GM on Tuesday announced approximately $ 53.3 million of new investments in four Michigan plants to increase production of its heavy-duty pickups, self-driving Cruise AV test vehicles and 10-speed transmissions.