A few days ago, GM announced that it will invest $7 billion (equivalent to about 44.3 billion yuan) in four production bases in Michigan, including $2.1 billion to build a battery plant in Michigan with LG New Energy to accelerate the development of the electric vehicle business.
General Motors
It is reported that this investment is the largest single investment project in the history of General Motors, and in terms of jobs, it will create 4,000 new jobs. After the completion of the project, the annual production capacity of GM Chevrolet and GMC pure electric pickup models is expected to increase to 600,000 units.
This partnership is not the first collaboration between GM and LG, after LG New Energy has established two factories with GM in Ohio and Tennessee, with battery capacity of 70 GWh of batteries. In addition, GM is expected to have more than 1 million electric vehicles in North America by the end of 2025.
It should be noted that in the fourth quarter, GM only delivered 26 electric vehicles, and last year GM revealed that it plans to increase spending in electrification and intelligent driving to $35 billion by 2025, which is 30% higher than the previously planned $27 billion. In addition, the 2021 annual new car sales champion in the United States has also been changed from General Motors to Toyota Motor, which is also the first time that automakers outside the United States have won the first new car sales championship in the US market.