Yahoo Finance GM To Invest $154 Million in New York Plant
By Sam Boughedda
Investing.com — General Motors Company (NYSE:GM) announced plans to invest nearly $154 million in its Western New York Lockport Components plant.
GM said in a press release it will refurbish the plant and purchase and install new equipment that will be used in the production of the stator module, a key component in an electric motor.
GM's Ultium Platform-based electric trucks and SUVs will be powered by the electric motor component.
“GM’s investment in Lockport Components reaffirms our commitment to manufacturing in Western New York and our confidence in this team. They will build a crucial module in our electric motor assembly for our future electric trucks and SUVs," said Gerald Johnson, GM executive vice president of Global Manufacturing and Sustainability.
It's been a busy week of news for GM, with the company announcing plans to expand beyond just EVs using HYDROTEC-based power generators and the first pre-production of the Cadillac LYRIQ has rolled off the line at Spring Hill.
GM shares are down over 1% Friday.
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