General Motors (GM) Invests $632M in Fort Wayne Assembly
General Motors Company GM plans to invest $632 million in Fort Wayne Assembly to develop the plant for producing next-generation internal combustion engine (ICE) full-size light-duty trucks. This investment will consolidate General Motors’ industry-leading full-size truck business.
With this announcement, GM’s U.S. manufacturing and parts distribution facility has committed more than $31.6 billion in investment since 2013.
This investment will strengthen GM’s U.S. manufacturing operations, which include over 50 assembly, stamping, propulsion and component plants and parts distribution centers nationwide. It also underscores the automaker’s commitment to providing a strong portfolio of ICE vehicles to its customers in the future.
The Fort Wayne Assembly has manufactured the Chevrolet Silverado 1500 and GMC Sierra 1500. Both trucks emerged as the best-selling retail full-size light-duty pickups in 2022.
The investment will be utilized to support new conveyors, tooling and equipment in the plant’s body and general assembly areas.
Since 2013, General Motors has announced over $2 billion of investment in Fort Wayne Assembly and Operations and $2.8 billion in Indiana manufacturing operations.
Moreover, BrightDrop, a General Motors startup designed to offer an integrated ecosystem of electric first-to-last-mile products, delivered 50 of its Zevo 600 electric delivery vans to FedEx Express Canada. FedEx has signed a deal with BrightDrop to buy 2,500 vehicles in the coming years. Among those 2,500 vehicles, FedEx has received 400 that are already operational in Southern California.
General Motors has a compelling electric vehicle and ICE portfolio and is in great demand for its quality full-size pickups and full-size SUVs. The auto giant targets EV revenues of more than $50 billion by 2025
Zacks Rank & Key Picks
GM currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other top-ranked players in the auto space are Ford Motor F, Mercedes-Benz Group AG MBGAF and Wabash National WNC, each carrying the same rank as GM.
Ford is one of the leading automakers in the world. The Zacks Consensus Estimate for F’s 2023 sales implies year-over-year growth of 7.5%.
Mercedes-Benz develops, manufactures and sells passenger cars, including premium and luxury vehicles. The Zacks Consensus Estimate for MBGAF’s 2023 sales implies year-over-year growth of 6%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.
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