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Old January 26th, 2022 #69
Stewart Meadows
Senior Member
Join Date: May 2018
Posts: 21,923
Stewart Meadows

26 Jan, 2022 15:57 Home Business News

US car giant reveals plan to dethrone Tesla

General Motors intends to boost spending on EV production to topple Elon Musk’s company

American automotive giant General Motors said on Tuesday it will pour $6.6 billion into boosting its electric pickup truck production and building a new electronic vehicle (EV) battery cell plant in its home state of Michigan.

The carmaker wants to overtake Tesla as the world’s biggest producer of electric vehicles.

“We will have the products, the battery cell capacity and the vehicle-assembly capacity to be the EV leader by mid-decade,” GM CEO Mary Barra said in a statement, as cited by CNBC.

The investment will include $2.6 billion for the construction of a new battery plant in partnership with LG Energy Solution and $4 billion for converting GM’s existing Orion Assembly plant in Detroit to produce electric trucks, like the recently announced and highly anticipated Chevrolet Silverado and GMC Sierra, scheduled for launch in 2024.