GM: $7 Billion for Electromobility

by | 26. Jan 2022 - 11:08 | Market

The General Motors automotive group is investing heavily in manufacturing capacity for e-vehicles. Resilient supply chains are the focus of the procurement strategy.

With the largest single investment in the company’s history, U.S. automaker General Motors (GM) aims to become the market leader in electric mobility in North America. Seven billion U.S. dollars are to flow into four production sites in Michigan, the group announced yesterday (Tuesday). The goal is to increase production capacity for electric vehicles and battery cells. 4,000 new jobs will be created in the process, it added.

In addition to expanding manufacturing capacity, GM is working to diversify its supply chains for battery components and other materials essential to building electric vehicles. Rare earths, alloys and finished magnet components will be supplied by MP Materials, among others (we reported). The mining company extracts the relevant raw materials such as neodymium-praseodymium at its Mountain Pass mine in California.

Photo: iStock/jetcityimage

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