Sam Boughedda

Investing.com — General Motors Company (NYSE:) is to invest more than $7 billion in four Michigan manufacturing sites, as the company looks to boost its battery and electric vehicle manufacturing capabilities. 

The new investment will provide 4,000 additional jobs while retaining 1,000. This investment will include the construction of a brand new Ultium Cells Battery Cells plant with LG Energy at Lansing, and the conversion and production of the Chevrolet Silverado EV. Orion will be able to produce full-size electric pickups. 

Also, the Lansing Delta Township Assembly has been added. The production of Chevrolet Traverses and Buick Enclaves is being funded, with the Lansing Grand River Assembly Plant also getting investment. 

Bloomberg reported that the Michigan Economic Development Corporation provided GM a grant of $600,000,000 from state funds. It also gave $158 million in total tax relief, $66 Million in infrastructure grants, and $937M in low electric and water rates for GM over 20 years.

Mary Barra, GM’s chair and CEO said: “Today we are taking the next step in our continuous work to establish GM’s EV leadership by making investments in our vertically integrated battery production in the U.S., and our North American EV production capacity.”

GM made the investment as part of their goal to make North America’s EV market leaders by 2025. This investment will allow them to increase full-size production of electric trucks to 600,000 trucks. They plan to also have over 1 million electric vehicle units in North America by the year 2025.

Tuesday saw GM share prices fall 1.3%