General Motors (NYSE:GM)
General Motors (NYSE:GM) said on Monday that GM intends to invest $632 million at its assembly facility in Fort Wayne, Indiana. This investment aims to prepare the plant for the production of future full-size light-duty vehicles powered by an internal combustion engine.
The facility that produces GM’s Chevrolet Silverado 1500 and GMC Sierra 1500 pickup trucks will get new conveyors, tooling, and equipment thanks to the investment that will be made.
As General Motors prepares to retool existing car facilities in North America and deliver more fuel-efficient next-generation internal-combustion full-size trucks and SUVs, the company has made a series of announcements in the last week that reveal planned investments totaling more than $2.3 billion. Later this week, there will be an additional announcement on an investment.
Even though it has committed to ending the production of cars driven by fossil fuels in 2035, the biggest carmaker in the United States continues to invest significantly in gas-powered automobiles.
GM stock said a week ago that it will spend over $500 million on its assembly facility in Arlington, Texas, to get it ready to manufacture full-size SUVs powered by internal combustion engines.
The state of California and the Environmental Protection Agency (EPA) are imposing more and stricter rules on GM regarding emissions.
In addition, General Motors said a week ago that it intends to invest more than one billion dollars in retooling two of its production facilities in Flint, Michigan, to be ready for a new generation of heavy-duty vehicles.
According to a statement released by GM last week, the firm is committed to “providing customers with a strong portfolio of (internal combustion) vehicles for years to come,” the announcement in Texas emphasizes this commitment.
GM stock said on Tuesday that it will spend 280 million Canadian dollars ($210 million) in its Oshawa Assembly in Canada to manufacture the next generation of full-size trucks powered by internal combustion engines.
Records that were only recently made public reveal that GM was fined a total of $128.2 million for failing to fulfill the Corporate Average Fuel Economy (CAFE) program standards in both 2016 and 2017.
In April, the EPA proposed to demand a decrease of 56% in anticipated fleet average emissions above the standards for the year 2026.
Featured Image: Megapixl
