GM to invest $3.432 billion in a U.S. plant to prepare for production of electric vehicle parts

In early September, General Motors launched its new electric SUV, the Chevrolet Equinox EV, which is based on the Ultium platform and starts at $30,000. Today, GM announced a new investment in the electric vehicle industry.

According to GM's website, GM will invest $491 million (about 3.432 billion yuan) in its metal stamping plant in Marion, Indiana, in preparation for the plant's future production of stamped steel and aluminum parts that will be used to produce vehicles, including electric vehicles, at several GM assembly plants.

GM said the investment will be used to purchase and install two new stamping lines, complete press and die upgrades and refurbishments, and build an approximately 6,000-square-foot facility. Gerald Johnson, GM's executive vice president of global manufacturing and sustainability, said the investment is an investment in GM's electrified future and in the Marion plant team.

To reduce vehicle costs and increase production scale, Cruise, GM's self-driving division, has begun in-house development of chips for self-driving cars, which are expected to be deployed by 2025.