GM Intensifies Electrification Push Via $760M Investment In Ohio Plant

General Motors Co (NYSE:GM) plans to invest $760 million in its Toledo, Ohio, propulsion manufacturing operations to build drive units for…
  • General Motors Co (NYSE:GM) plans to invest $760 million in its Toledo, Ohio, propulsion manufacturing operations to build drive units for electric trucks.
  • Toledo Propulsion Systems will be GM’s first U.S. powertrain or propulsion-related manufacturing facility transformed for EV-related production.
  • Once ready, the plant will produce EV drive units, which convert electric power from the battery pack to mechanical motion at the wheels.
  • Also ReadElectrification On And Above – EVs To Constitute 13% Of Light-Duty Vehicle Sales In 2022, Says IEA
  • Toledo Propulsion Systems currently builds GM’s six-speed, eight-speed, and 10-speed rear-wheel drive and nine-speed front-wheel-drive transmissions used in Chevrolet, Buick, GMC, and Cadillac products.
  • With the latest proposal, the auto giant has invested more than $1.9 billion in Toledo since 2011 and currently employs 1,500 people.
  • “This investment helps build job security for our Toledo team for years to come and is the next step on our journey to an all-electric future,” said Gerald Johnson, GM EVP of Global Manufacturing and Sustainability.
  • Related ContentGM Invests In Battery Recycling Company Lithion – What’s On the Cards?
  • Price Action: GM shares are trading lower by 6.34% at $35.00 on the last check Friday.
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