General Motors and South Korea-based Samsung SDI announced Tuesday that they have selected a 656-acre site in New Carlisle to build the plant, which could become operational by 2026.
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While no new jobs are being created, the company said the move will help retain the nearly 4,000 employees at the northeast Indiana facility.
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The investment will be used to support additional production of electric vehicle drive unit castings ahead of what GM anticipates will be strong demand for the Chevrolet Silverado EV and GMC Sierra EV full-size pickup trucks.
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The plant makes Chevrolet Silverados and GMC Sierra light duty pickups and employs more than 4,000 blue collar workers.
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GM and other automakers have been navigating an uncertain transition to electric vehicles both in the U.S. and worldwide, trying to figure out where to invest capital and how fast the switch will happen.
The Detroit automaker said Wednesday that it is opening up access to more than 17,800 Tesla Superchargers for its customers, with the use of a GM approved NACS DC adapter.
The company said it expects to absorb increased labor costs and have enough left to buy back stock worth nearly one quarter of the company’s $44 billion market value.
The United Auto Workers union overwhelmingly ratified new contracts with Ford and Stellantis, that along with a similar deal with General Motors will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business.
The outcome was closer than expected after the UAW’s celebrations of victories last month on many key demands that led to six weeks of targeted walkouts against GM, Ford and Stellantis.
GM is likely to be the next company to settle because it has agreed to pull new electric vehicle battery factories into the UAW’s national contract, which essentially unionizes them.
The offer comes just a week before the UAW’s national contracts with GM, Stellantis and Ford expire, and even though both sides are far apart, it’s a sign of movement on economic issues.
Demand appears to have been key. “We can’t build enough Bolts right now,” chief executive Mary Barra said during the company’s quarterly earnings call.
The company reported having 60 employees in the United States in early 2022, though it’s not known if that number included about 25 employees at an engineering center in California.
The companies said they plan to invest more than $3 billion in an electric vehicle battery cell plant that is expected to begin operations in 2026.
The decision to offer buyouts comes at an uncertain time for the auto industry, which is in the midst of a transition from internal combustion to electric vehicles.
The decision to offer buyouts comes at an uncertain time for the auto industry, which is in the midst of a transition from internal combustion to electric vehicles. GM has a goal of selling only electric passenger vehicles by 2035.
GM is sticking by a pledge made by Mary Barra to sell more EVs in the U.S. than market leader Tesla by the middle of the decade.
The latest announcement came Thursday from General Motors, a Chevrolet Equinox small SUV with a starting price somewhere around $30,000 and a range-per-charge of 250 miles.
An estimated 20,000 Delphi workers, including more than 4,000 in Indiana, were hurt by the 2009 GM bankruptcy, and many have spent the past 13 years fighting to get back what they lost.
The chip shortage has limited the supply of new vehicles on dealer lots in the U.S. to about 1 million, when in normal years it’s about 4 million at any given time.
GM has set a goal of building only electric passenger vehicles by 2035. It has pledged to have 30 electric vehicle models for sale globally by 2025.
The plan is to have an electric vehicle that is priced lower than the upcoming Chevrolet Equinox EV. GM plans to roll out an electric Equinox small SUV next year with a starting price of around $30,000.
General Motors and a joint-venture partner plan to build an electric vehicle battery factory in Lansing, Michigan. They say the plant would cost up to $2.5 billion and employ as many as 1,700 workers.
CEO Mary Barra said General Motors now uses the same approach it learned making ventilators at a Kokomo factory for its own electric vehicles, software and partially automated driver-assist systems.
