General Motors will invest 3.432 billion yuan in a US factory to prepare for the production of electric car parts

CTOnews.com, September 16, with the development of electric vehicles, many traditional car companies have begun to actively invest and launch their own electric vehicles. In early September, GM launched a new electric SUV Chevrolet Equinox EV, which is based on the Ultium platform and starts at $30, 000. Today, GM announced a new investment in the electric vehicle industry.

GM will invest $491 million (3.432 billion yuan) in its metal stamping plant in Marion, Indiana, to prepare for future production of steel and aluminum stamping parts that will be used to produce cars, including electric cars at several GM assembly plants, according to GM's website.

GM said the investment would be used to purchase and install two new stamping lines, upgrade and refurbish presses and moulds, and build a facility of about 6000 square feet. Gerald Johnson, GM's executive vice president of global manufacturing and sustainability, said the investment was a preparation for GM's electrified future and an investment in the Marion plant team.

Cruise, GM's self-driving unit, has begun developing its own chip for self-driving cars, which is expected to be deployed in 2025, in an effort to reduce vehicle costs and increase production, CTOnews.com reported earlier.