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The battery-powered Cadillac Lyriq, coming in 2022.

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.”

Go deeper

Jan 22, 2021 - Economy & Business

Lucid Motors' methodical manufacturing plan

Lucid Motors manufacturing plant in Casa Grande, Ariz. Photo: Lucid

The U.S. auto industry is spreading west, with electric vehicle companies opening factories far from Detroit, in places like California, Arizona and Texas.

Why it matters: With hundreds of millions of dollars in fresh capital, along with newly issued public stock symbols, many are unproven newcomers with ambitions to become the next Tesla.

Jan 22, 2021 - Health

Stabenow: U.S. must put pandemic relief before EV manufacturing

Photo: Axios screenshot

The U.S. needs to focus on helping people get through the coronavirus pandemic before turning to manufacturing, including electric vehicles, Sen. Debbie Stabenow (D-Mich.) said on Friday at an Axios virtual event.

What she's saying: "We've got to deal with getting our arms around the vaccine, around the pandemic with the vaccines, helping people survive. And ... then robustly reopen the economy. And certainly, clean energy, jobs, is a big part of that."

Mike Allen, author of AM
2 mins ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.