General Motors is Investing $154 Million in Western New York for the Production of EV Motor Components
【Summary】General Motors announced plans on Friday to invest nearly $154 million in its Lockport Components plant in Western New York. The investment will be used to renovate the facility and purchase and install new machinery and equipment used in the production of stator modules, a key component for the electric motors of EVs.
Automaker General Motors announced plans on Friday to invest nearly $154 million in its Western New York Lockport Components plant. The investment will be used to renovate the facility and purchase and install new machinery and equipment used in the production of stator modules, a key component for the electric motors of EVs.
The electric motors will be used in a variety of GM's future electric trucks and SUVs built on its Ultium EV Platform.
Facility renovations will begin immediately, GM said.
As Lockport Components prepares for electric motor component production, the facility will continue to build a variety of components that support GM's current truck and SUV production.
The factory in Lockport, NY was founded in 1910 as the "Harrison Radiator Company" which designed and manufactured automotive radiators and components. The plant currently produces radiators, condensers, heater cores, evaporators, HVAC components, oil coolers and other parts for GM trucks. The plant employs around 1,400 workers.
"GM's investment in Lockport Components reaffirms our commitment to manufacturing in Western New York and our confidence in this team. They will build a crucial module in our electric motor assembly for our future electric trucks and SUVs," said Gerald Johnson, GM executive vice president of Global Manufacturing and Sustainability.
The investment in Western New York follows the announcement in December of GM's partnership with German company Vacuumschmelze (VAC) to build a plant in the United States that will manufacture permanent magnets for the electric motors for the automaker's future electric vehicles.
VAC is a leading manufacturer of magnetic alloys and the largest producer of permanent magnets in the Western Hemisphere.
The permanent magnets will be used in the GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado E electric pickup and more than a dozen other electric models in development that will be built on GM's Ultium EV Platform.
The finished magnets will be delivered to facilities building EV motors for GM's Ultium-powered EVs and is expected to begin production by 2024.
Also in December, GM announced plans with South Korean battery materials company POSCO Chemical to form a joint venture to construct a factory in North America to process battery materials for GM's Ultium electric vehicle platform.
The joint venture will process what's known as "Cathode Active Material" or CAM, which is a key battery material. CAM represents about 40 percent of the cost of a battery cell, according to GM.
GM and POSCO Chemical have signed a non-binding term sheet to create the joint venture and expect to execute definitive agreements shortly.
GM's recent investments in electric vehicle component production are part of the automaker's $35 billion investment in electrification, autonomous driving and vehicle connectivity and digital services as its looks to compete with rival Tesla, which is now the world's most valuable automaker.
In October of last year, GM shared a detailed roadmap of how the company plans to double its annual revenue and expand margins to 12 to 14% by 2030, as a result of GM's transformation into a growth company driven by EVs, connected services and new business opportunities.
"GM has changed the world before and we're doing it again," said GM Chair and CEO Mary Barra during the 2-day investor presentation in October. "We have multiple drivers of long-term growth and I've never been more confident or excited about the opportunities ahead."
Reuters reported last month that GM is looking to invest more than $4 billion in two Michigan plants to boost its electric vehicle production capacity, according to sources and new documents the automaker made public.
The plans include building a $1.5 billion EV battery plant near Lansing, Michigan with GM's battery partner LG Energy Solutions. GM's Orion assembly plant will be retooled to produce electric vehicles in a $2 billion overhaul project, a person familiar with the matter said.
GM said it will make a "major announcement tomorrow in Michigan at 11:00am CST, which could officially confirm the rumors of a new EV factory.
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