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GENERAL MOTORS COMPANY

(GM)
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General Motors : GM Investing $2 Billion to Transition Spring Hill, Tennessee Plant to Build Electric Vehicles, including Cadillac LYRIQ

10/21/2020 | 11:52am EDT

WARREN, Mich. - General Motors Co. (NYSE: GM) announced today that its Spring Hill, Tennessee assembly plant will begin the transition to become the company's third vehicle manufacturing site to produce electric vehicles, joining Factory ZERO in Detroit and Hamtramck, Michigan, and Orion Assembly in Orion Township, Michigan. In addition, the company is confirming investments in five Michigan plants, including the Lansing Delta Township Assembly and Flint Assembly for future crossover and full-size pickup production.

The all-new Cadillac LYRIQ will be the first EV produced at Spring Hill. Production of the Cadillac XT6 and XT5 will continue at Spring Hill. The facility will build both traditionally powered Cadillac products and EVs.

The six U.S. facility investments total more than $2 billion, bringing the total amount GM has invested or committed to invest in its U.S. manufacturing sites to more than $29 billion since 2009. Today's planned investments include:

$2 billion will be invested in Spring Hill Manufacturing to build fully electric vehicles including the luxury Cadillac LYRIQ. Through this investment, Spring Hill's paint and body shops will undergo major expansions and the general assembly will receive comprehensive upgrades, including new machines, conveyors, controls and tooling. The renovation work in Spring Hill will begin immediately.

Production of the next-generation GMC Acadia will move to Lansing Delta Township Assembly, representing an investment of more than $100 million.

$32 million will be invested at Flint Assembly for future production of heavy-duty Chevrolet Silverado and GMC Sierra pickups, which have gained significant market share in the United States and Canada.

$17 million will be invested in the Romulus, Michigan propulsion plant to enhance automation and increase capacity of GM's 10-speed truck transmission, which is used in full-size pickups and other key products, including the all-new Chevrolet Tahoe and Suburban, GMC Yukon and Yukon XL, and the Cadillac Escalade.

$3.5 million will be invested at Orion Assembly. In addition, $750,000 will be invested at GM's site in Brownstown Charter Township, Michigan. Both investments are related to additional production of the Cruise AV test vehicle at Orion Assembly.

Launch timing and additional product details will be released at a later date.

'We are committed to investing in the U.S., our employees and our communities,' said GM Chairman and CEO Mary Barra. 'These investments underscore the success of our vehicles today, and our vision of an all-electric future.'

In the last 19 months, GM has committed to invest more than $4.5 billion at three U.S. manufacturing sites to prepare those facilities for EV-related vehicle production.

In January, GM announced it was investing $2.2 billion at its Detroit-Hamtramck Assembly, now known as Factory ZERO, Detroit-Hamtramck Assembly Center. Production of the first all-electric GMC HUMMER EV pickup, the first of a variety of all-electric trucks and SUVs to be built at GM's Factory ZERO plant, will begin in late 2021. This will be followed soon after by the Cruise Origin, a purpose-built electric, self-driving vehicle.

When Factory ZERO is fully operational, this investment will create more than 2,200 good-paying U.S. manufacturing jobs. GM is also investing an additional $800 million in supplier tooling and other projects related to the launch of the new electric trucks.

In March 2019, GM announced it would invest $300 million in Orion Assembly to produce a new Chevrolet electric vehicle, bringing 400 new jobs to the facility. This new Chevrolet EV joins the existing Chevrolet Bolt EV and will be designed and engineered based on an advanced version of the current award-winning Bolt EV architecture.

Separately, GM and LG Chem formed a joint venture - Ultium Cells LLC - and together are investing more than $2.3 billion to build a new, state-of-the-art battery cell manufacturing plant in Lordstown, Ohio that will create more than 1,100 new jobs. Construction of the facility is well underway. The new battery cell manufacturing plant will play a critical role in GM's commitment to an all-electric future.

General Motors (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 134 B - -
Net income 2021 7 699 M - -
Net cash 2021 7 562 M - -
P/E ratio 2021 11,3x
Yield 2021 0,63%
Capitalization 88 215 M 88 215 M -
EV / Sales 2021 0,60x
EV / Sales 2022 0,52x
Nbr of Employees 155 000
Free-Float 95,1%
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Number of Analysts 22
Average target price 71,84 $
Last Close Price 60,81 $
Spread / Highest target 48,0%
Spread / Average Target 18,1%
Spread / Lowest Target -1,33%
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Managers and Directors
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer
Matthew Tsien Chief Technology Officer & Executive VP
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