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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

GM to recall millions of vehicles with Takata air bag inflators

General Motors world headquarters in Detroit, Mich. Photo: Bill Pugliano/Getty Images

The National Highway Traffic Safety Administration announced Monday that General Motors must recall and repair any vehicle equipped with Takata air bag inflators, per AP.

Why it matters: The government agency said GM must recall nearly 6 million pickup trucks and SUVs from the 2007–2014 model years. Despite the automaker's multiple appeals to the NHTSA, this new regulation will cost the company around $1.2 billion.

26 mins ago - Sports

The end of COVID’s grip on sports may be in sight

Illustration: Aïda Amer/Axios

Packed stadiums and a more normal fan experience could return by late 2021, NIAID director Anthony Fauci said yesterday.

Why it matters: If Fauci's prediction comes true, it could save countless programs from going extinct next year.

Trump's 2024 begins

Trump speaking to reporters in the White House on Thanksgiving. Photo: Erin Schaff - Pool/Getty Images

President Trump is likely to announce he'll run again in 2024, perhaps before this term even ends, sources tell Axios.

Why it matters: Trump has already set in motion two important strategies to stay relevant and freeze out other Republican rivals.