General Motors Co (NYSE:GM) shares are trading higher after the company’s plan to invest at least $900 million to retool its Lansing, Michigan auto plant for electric vehicle (EV) production.
As conveyed by Energy Secretary Jennifer Granholm, this investment is part of a broader effort to transition GM’s production capabilities towards electric vehicles.
At an event in Lansing, Granholm detailed GM’s plans: the largest U.S. automaker will receive $500 million in government grants to aid in the conversion of its Lansing Grand River Assembly Plant to EV production.
GM will continue to produce the Cadillac CT4 and CT5 at this facility for the time being, reported Reuters.
In total, the Department of Energy (DOE) ...