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

25/1/2022 8:16:00 PM

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

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

General Motors Co said on Tuesday (Jan 25) 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. Both US automakers, however, will have to contend

General Motors Co said on Tuesday (Jan 25) 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.

Both US automakers, however, will have to contend with current leader Tesla, which will soon open a second US plant in Austin, Texas, and is on pace to sell more than 1 million electric vehicles globally in 2022.GM said its Detroit-Hamtramck and Orion Township plants will be able to build more than 600,000 electric trucks a year by late 2024, with three other plants in Tennessee, Ontario and Mexico boosting the company's total North America EV production capacity to more than a million units by late 2025.

Read more: CNA »

#trending: Chinese cosplayer claims she was detained by police for wearing a kimono

SUZHOU, CHINA — In a video that went viral on Chinese social media over the weekend, men in what looked like police uniform can be heard shouting at a young Chinese woman dressed in a Japanese kimono, who is apparently in the midst of a cosplay photoshoot in Suzhou. 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.

Chinese automaker Changan to list EV unit around 2025 - China Securities JournalSHANGHAI : Chinese state-run automaker Chongqing Changan Automobile plans to list its electric vehicle (EV) unit around 2025, the China Securities Journal said on Tuesday.The unit completed fundraising round B on Monday, said the paper, reaping 5 billion yuan ($789.84 million), 2 billion yuan over its pla

Britishvolt signs agreement to develop high-nickel EV batteriesLONDON : Electric vehicle (EV) battery startup Britishvolt said on Monday it has signed an agreement with a UK government-backed research facility to develop batteries with high nickel content and more energy-dense materials as it gears up for mass production.Demand for nickel is expected to jump over the

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.

Temasek to buy Bridgepoint's UK-based testing firm for $7 billion-sourcesSINGAPORE : Singapore's Temasek Holdings has agreed to buy Element Materials Technology for about $7 billion, as it sees an opportunity to boost growth at the testing and inspection services provider, two sources familiar with the matter said.Temasek, which acquired a significant minority stake in Element

Temasek to acquire Bridgepoint's UK-based testing firm for $7 billion -sourcesSINGAPORE :Singapore's Temasek Holdings has agreed to buy Element Materials Technology for about $7 billion, as it sees an opportunity to boost growth at the testing and inspection services provider, two sources familiar with the matter said.State investor Temasek, which acquired a significant minority stake

LinkedIn General Motors Co said on Tuesday (Jan 25) 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.Temasek, which is already a minority owner in the business, could announce an agreement as early as Monday, said the people, who asked not to be identified because discussions are private.LinkedIn SHANGHAI : Chinese state-run automaker Chongqing Changan Automobile plans to list its electric vehicle (EV) unit around 2025, the China Securities Journal said on Tuesday.LinkedIn LONDON : Electric vehicle (EV) battery startup Britishvolt said on Monday it has signed an agreement with a UK government-backed research facility to develop batteries with high nickel content and more energy-dense materials as it gears up for mass production.

Both US automakers, however, will have to contend with current leader Tesla, which will soon open a second US plant in Austin, Texas, and is on pace to sell more than 1 million electric vehicles globally in 2022. GM said its Detroit-Hamtramck and Orion Township plants will be able to build more than 600,000 electric trucks a year by late 2024, with three other plants in Tennessee, Ontario and Mexico boosting the company's total North America EV production capacity to more than a million units by late 2025. The business was expected to draw interest from other buyout firms, as well as strategic investors, the people said at the time. 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. Changan did not immediately respond to a request for comment. Last year, Ford said it would invest more than US$11 billion in new electric truck and battery plants in Tennessee and Kentucky, along with Korean partner SK Innovation. and the Canada Pension Plan Investment Board were among parties reported to be interested. At a press briefing Tuesday, GM Chief Executive Mary Barra said Detroit-based GM is"committed to make our home state the epicentre of the electric vehicle industry". The UKBIC is a government-funded facility formed to help the British car industry bring new battery technologies to market.

GM's investment includes US$2. The company, which can trace its.95per cent of the unit, which makes entry-level and mass-market electric vehicles.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. United Auto Workers leaders on Tuesday applauded the Michigan investments and said the union"stands ready to welcome new members" at the GM-LG battery plant and sister facilities in Ohio and Tennessee. GM also is spending US$4 billion to overhaul and expand the Orion plant, which will build different variants of the new Chevrolet Silverado and GMC Sierra electric pickups, President Mark Reuss said in a media briefing. Reuters previously reported many of the details of the new investment in Michigan. It will be built in three phases and when it reaches peak production in 2027 should be capable of producing battery packs for over 300,000 vehicles annually.

Reuss declined to provide details on incentives provided by Michigan to secure the GM investments, which include more than US$500 million in two Lansing plants that currently build combustion-engine vehicles. Michigan officials said the state contributed US$824 million in incentives, in part to support 4,000 new GM jobs. 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". The Lansing battery cell plant will be the third US plant built by Ultium Cells, the GM-LG joint venture, which is also constructing similar facilities in Lordstown, Ohio, and Spring Hill.

A fourth North American battery plant is planned. GM said last June it would boost electric and autonomous vehicle spending to US$35 billion through 2025, a 30per cent jump over its prior forecast. Separately, Michigan Governor Gretchen Whitmer said she is proposing a combined US$2,500 rebate for the purchase of an electric vehicle and charging equipment. GM and Tesla have both exceeded the threshold for qualifying for a federal EV tax credit of US$7,500 but Congress is considering lifting the cap and expanding federal credits for up to US$12,500. Source: Reuters .