General Motors Throws $154 Million Investment Into Electric Vehicles, Creates 230 New Jobs

General Motors corporate sign
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Automotive and manufacturing giant General Motors announced on Friday it will bring a $154 million investment to an electric vehicle motors plant in western New York. The money will go towards the renovation of the New York Lockport Components plant to install new machines viable for electric vehicle manufacturing. Once finished, the plant is expected to add 230 new jobs to the area.

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This is one of the first steps in General Motors’ expansion into the electric vehicle space. In a press release last month, GM announced plans to release 30 all-new EVs globally through 2025, two-thirds of which will be available in North America.

Its first EV offerings, the MC Hummer EV Edition 1 Pickup and the BrightDrop EV600 light commercial vehicle, were both built on GMs proprietary EV architecture and  propulsion system called “the Ultium Platform.”

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The company said the investment will be used to renovate the facility, but also to “purchase and install new machinery and equipment used in the production of the stator module “– a key component in electric vehicle motors. Facility renovations are to begin immediately.

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GM executive vice president of Global Manufacturing and Sustainability Gerald Johnson explained that the team at Lockport will build a crucial module in the EV motor assembly for future electric trucks and SUVs, saying, “This is an excellent example of how we are bringing our workforce along on the journey to an all-electric future while we scale our EV production capacity and maintain a flow of parts for our current vehicles.”

As for the new positions, GM stated in its release that the positions are expected to be added between 2023 and 2026, but that actually staffing plans will be finalized closer to the start of production.

This is a milestone for the electric vehicle industry that has recently been unequivocally dominated by Elon Musk and Tesla.  With major automotive manufacturers like GM entering the competition and plans for global distribution, this kind of investment has the potential to both lure in other American vehicle giants and create more widespread EV use. Tesla, although at No. 1, is the only American-based company in the top 5 producers of electric vehicles in the world.

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If General Motors is betting this big, it’s likely others will soon follow suit. The company has invested $35 billion towards electric and autonomous vehicles within three years, the New York Post reported.

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About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 
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