GM Intensifies Electrification Push Via $760M Investment In Ohio Plant
General Motors Co (NYSE: GM) plans to invest $760 million in its Toledo, Ohio, propulsion manufacturing operations to build drive units for electric trucks.
Toledo Propulsion Systems will be GM's first U.S. powertrain or propulsion-related manufacturing facility transformed for EV-related production.
Once ready, the plant will produce EV drive units, which convert electric power from the battery pack to mechanical motion at the wheels.
Also Read: Electrification On And Above - EVs To Constitute 13% Of Light-Duty Vehicle Sales In 2022, Says IEA
Toledo Propulsion Systems currently builds GM's six-speed, eight-speed, and 10-speed rear-wheel drive and nine-speed front-wheel-drive transmissions used in Chevrolet, Buick, GMC, and Cadillac products.
With the latest proposal, the auto giant has invested more than $1.9 billion in Toledo since 2011 and currently employs 1,500 people.
"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," said Gerald Johnson, GM EVP of Global Manufacturing and Sustainability.
Related Content: GM Invests In Battery Recycling Company Lithion - What's On the Cards?
Price Action: GM shares are trading lower by 6.34% at $35.00 on the last check Friday.
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