General Motors (GM) and its joint venture with LG Energy Solution (051910.KS) are ready to announce next week an investment in electric vehicles and a battery factory in Michigan, amounting to $6.5 billion and employing up to 4,000 workers.
The Michigan Strategic Fund said on Friday it was considering GM’s plan to invest $6.5 billion in a joint venture between GM and Ultium Cells.
In December, Reuters reported that GM had proposed building a $2.5 billion battery plant in Lansing with an additional 1,700 workers.
GM also plans to invest $4 billion and employ 2,300 people for its plant in Orion Township, its third electric vehicle plant, after plants in Detroit-Hamtramck and Spring Hill, Tennessee.
The multinational automotive company, headquartered at the Renaissance Center in Detroit, Michigan, also hopes to invest at least US$4 billion in Orion Township to build new versions of the Chevrolet Silverado and GMC Sierra electric pickup trucks. The major plant expansion is expected to be completed by 2025.
Earlier in January last year, GM announced it would plan to eliminate exhaust emissions from new light vehicles by 2035. The company confirmed this month that it also plans to eliminate exhaust emissions from new heavy vehicles by 2035.
In a statement on Friday (21/1), GM said it appreciates support in relation to two potential projects under consideration, both the GM project in Orion Township and Lansing.
“Until these projects receive final approval, we have no comment on a possible announcement date,” GM management said.