Skip to main content

GM investing $760 million in Toledo factory to make electric car drive units – CNN

CNN  — 

General Motors is investing $760 million in its Toledo Propulsion Systems factory, which builds transmissions for gas-powered vehicles, so that it can make electric drive units for electric vehicles, too.

The drive units will be used in GM electric trucks, the automaker said, including the GMC Hummer EV, which is currently in production, and the upcoming Chevrolet Silverado EV and GMC Sierra EV. It will be GM’s first US engine or transmission factory adapted for electric vehicle-related production.

Electric drive units include an electric motor, one-speed transmission and power electronics that bring power to and from the motor. (Unlike gas cars, electric vehicles don’t require a transmission with more than one speed.) GM would not say whether the motors themselves will be built at the Toledo, Ohio, factory or somewhere else.

For the now, at least, the factory will continue building transmissions for front- and rear-wheel-drive gas-powered vehicles along with the electric drive units, GM spokesman Dan Flores said.

“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,” Gerald Johnson, GM executive vice president of Global Manufacturing and Sustainability, said in a statement.

GM has said it plans to produce only zero-emissions light duty trucks and passenger vehicles by 2035. The Detroit-based automaker currently manufactures the Cadillac Lyriq, GMC Hummer EV and Chevrolet Bolt electric vehicles. Several more electric models, including the Chevrolet Equinox EV, are planned over the next few years.

The Toledo Propulsion Systems plant currently employs about 1,500 people. The company did not say if it plans to hire more.

GM has already invested in some final assembly plants – factories where full vehicles are built – to prepare them for building electric vehicles. For instance, GM invested $2.2 billion into its Detroit-Hamtramck factory, turning it into “Factory Zero” where Hummer EVs are now built. GM also invested $2 billion into its Spring Hill, Tennessee, factory that now builds the Cadillac Lyriq electric SUV along with gasoline-powered models.

GM has said it will invest $35 billion in electric vehicles by 2025.

Techyrack Website stock market day trading and youtube monetization and adsense Approval

Adsense Arbitrage website traffic Get Adsense Approval Google Adsense Earnings Traffic Arbitrage YouTube Monetization YouTube Monetization, Watchtime and Subscribers Ready Monetized Autoblog



from Investing – My Blog https://ift.tt/UOLwCAi
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

These money and investing tips can give you a smooth ride in a rough market – MarketWatch

Don’t miss these top money and investing features: Sign up here  to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! INVESTING NEWS & TRENDS How to approach rebalancing your portfolio for 2023 It’s not a good idea to rebalance your portfolio at preset intervals Read More Bonds aren’t more attractive than stocks even as yields register a 15-year high The S&P 500’s return is similar when the 10-year Treasury yield is high or low. Read More Here’s who’s been trading crypto, and how they’re doing A new study finds that most people who entered the cryptocurrency market have lost money — and that those people are young men. Read More BlackRock sees these thematic ETFs potentially outperforming in 2023 In this week’s ETF Wrap, MarketWatch spoke with BlackRock’s Jay Jacobs on investing themes he likes for 2023 as investors worry about a slowing economy and monetary tightening. Read More Three seasonal effects in the stock market begin around T...
Post a Comment
Read more

Four months until SACSCOC visits Auburn: Four things you might not know about SACSCOC – Office of Communications and Marketing

Notice body There’s less than four months remaining until Auburn University’s accrediting body, the Southern Association of Colleges and Schools Commission on Colleges, or SACSCOC, arrives for its on-site visit. As the Accreditation team prepares for the on-site phase of the reaffirmation process, we want to share four things you might not know about SACSCOC: 1. SACSCOC is self-governed by the accredited institutions SACSCOC’s Principles of Accreditation requires a model of shared governance of its member institutions and holds itself to the same standards. The Commission on Colleges is operated by the SACSCOC Board of Trustees. The 77 Board members are elected by the College Delegate Assembly, or CDA, which is comprised of one voting representative from each of the 780 SACSCOC-accredited institutions. Each representative is the president or other chief executive of their respective college or university. In other words, the election of SACSSCOC’s leadership is in the hands of its ...
Post a Comment
Read more

5 YouTube features to use to boost engagement – Sprout Social

When you want to explore a new hobby or learn something new, where do you go? The answer is probably “YouTube.” The second-most popular social platform has come a long way since the “Charlie bit my finger” days. And new YouTube features are making it even more beneficial to marketers and creators—YouTube Shorts topped 1.5 billion monthly users in just two years. With 51% of consumers anticipating YouTube will be one of the social media platforms they use most this year, it’s a digital space your audience most likely uses. But with 500+ hours of content uploaded to YouTube every minute, high popularity also means high competition. Whether you’re new to YouTube or conducting a YouTube audit , using some of these features can help you stay ahead, grow your audience and give your channels a boost. 5 free YouTube features you need to use more often To help your audience find your videos in YouTube and Google search alike, you need to use the right tools. From underused YouTube sear...
Post a Comment
Read more