GM's US$7 billion investment intensifies EV battle with Ford, Tesla

General Motors Co said on Tuesday it will invest US$7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups, intensifying a battle with rival Ford Motor Co for EV supremacy in North America.

In January, Ford said it will have the annual capacity to build 600,000 electric vehicles, including 150,000 F-150 Lightning pickups, within 24 months, when it aims to become"the clear No 2 electric vehicle maker in North America" behind Tesla. GM's investment includes US$2.6 billion with Korean partner LG Energy Solution in a new battery cell plant in Lansing that will supply Orion Township and other GM assembly plants when it opens in late 2024.

Reuss also declined to say how much longer GM plans to build the Chevrolet Bolt EV and Bolt EUV at Orion. A GM press release said production of the two electric vehicles"will continue during the plant's conversion".

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Temasek set to buy Bridgepoint’s testing business for US$7 billionTemasek Holdings is nearing a deal to buy testing company Element Materials Technology from buyout firm Bridgepoint Group Plc for almost US$7 billion, according to people familiar with the matter.
Source: YahooSG - 🏆 3. / 71 Read more »

Temasek set to buy Bridgepoint’s testing business for US$7 billionTemasek Holdings is nearing a deal to buy testing company Element Materials Technology from buyout firm Bridgepoint Group Plc for almost US$7 billion, according to people familiar with the matter.
Source: YahooSG - 🏆 3. / 71 Read more »