Global Warming – New GM, Ford EV Plants Advance

Click to Enlarge.

Both General Motors (NYSE: GM) And Ford Motor (NYSE: F) announced new developments today for making EV trucks.

GM is investing $760 million in its Toledo, Ohio Propulsion Plant for EV drive unit production for Chevrolet Silverado EV, GMC Sierra EV and GMC HUMMER EVs. With today’s announcement, GM has invested more than $1.9 billion at Toledo since 2011. Toledo Propulsion Systems currently builds GM’s six-speed, eight-speed and 10-speed rear-wheel drive and nine-speed front-wheel drive transmissions that are used in a variety of Chevrolet, Buick, GMC and Cadillac products.

The GM plant currently employs ~1,500 people. Toledo Propulsion Systems is GM’s first U.S. propulsion-related manufacturing facility to be transformed for EV-related production. Renovation work at Toledo Propulsion Systems will begin this month. Once the plant is changed, it will produce GM’s family of EV drive units, which convert electric power from the battery pack to mechanical motion at the wheels. GM’s EV drive units will include front-wheel drive, rear-wheel drive and all-wheel drive propulsion combinations, as well as high-performance and off-road capabilities.

Ford broken ground at BlueOval City, a $5.6 billion investment in West Tennessee to build an all-new electric truck and advanced batteries for upcoming Ford and Lincoln vehicles. BlueOval City will create approximately 6000 jobs. Ford – late to the shift to EVs – aspires to a  2 million electric vehicle annual run rate globally by late 2026.