GM Announces $5.411 Billion Investment in Ohio Plant to Produce Electric Vehicle Drive Units

As electric vehicles continue to grow, many traditional automakers are electrifying and expanding their markets in the electric vehicle segment. in early September, GM introduced the new electric SUV Chevrolet Equinox EV, an electric vehicle based on the Autonergy platform with a starting price of $30,000. Today, GM announced a new investment in the electric vehicle industry.

According to GM's website, GM will invest $760 million (about 5.411 billion yuan) in its Toledo, Ohio, plant to make electric vehicle drives. Specifically, the drives will include front-wheel drive, rear-wheel drive and all-wheel drive, and will be used in electric vehicles based on the Out Energy platform, including the Chevrolet Silverado EV, GMC Sierra EV and GMC Hummer EV.

This investment gives the team at the Toledo plant job security and is a step forward for GM to go fully electric," said Gerald Johnson, GM's executive vice president of global manufacturing and sustainability.

As previously reported, on Sept. 16, GM announced a $491 million investment in its metal stamping plant in Marion, Indiana, to prepare for the production of electric vehicle parts.