GM to invest more than $2 billion in U.S. to expand electric vehicles

General Motors said Tuesday it will invest $2 billion to renovate a Tennessee factory for electric vehicle production, starting with the Cadillac Lyriq in 2022.

Why it matters: The Spring Hill assembly plant near Nashville will become GM's third U.S. manufacturing site for electric vehicles in a bet-the-company pivot away from conventional gasoline-powered cars and trucks.

• GM plans to unveil at least 20 new EVs globally by 2023, including the GMC Hummer electric pickup truck, which will be unveiled later Tuesday.

The big picture: Since March 2019, GM has pledged to invest $4.5 billion for EV production in the U.S..

• Plans include a $2.2 billion EV factory in Detroit and $300 million to expand another Michigan factory for EV production.
• A GM joint venture with South Korea's LG Chem is investing another $2.3 billion to build battery cells in Lordstown, Ohio, not far from a huge GM car factory that shut down in 2019.
• The EV factory investments will create some 3,700 new U.S. jobs.
• Separately, GM is investing an additional $800 million in supplier tooling and other projects related to EV production.

What they're saying: “We are committed to investing in the U.S., our employees and our communities,” said GM Chairman and CEO Mary Barra. “These investments underscore the success of our vehicles today, and our vision of an all-electric future.”