Postponement needed to ‘better manage’ investment, ‘evolving’ EV demand
- General Motors delays opening of Orion EV plant by one year
- Factory being retooled to make EV pickup trucks
- Delay due to uncertainty about EV demand and to better manage capital investment
- Engineering improvements identified to increase profitability of products
- Ford also paused work on its $3.5 billion battery plant in Michigan
- Autoworkers on strike at GM, Ford, and Stellantis facilities
- GM discontinued Chevy Bolt earlier this year but plans to bring it back
- Workers at Orion offered other opportunities in Michigan
- GM investing $4 billion to convert Orion for electric truck production
- Construction includes facility and capacity expansion
- Last runs of Chevy Bolt to continue as planned
- GM stock up 0.9% after the announcement
General Motors has announced a one-year delay in the opening of its Orion electric-vehicle plant in the Detroit area. The plant is being retooled to produce electric pickup trucks. The delay is attributed to uncertainty about EV demand and the need to better manage capital investment. GM has also identified engineering improvements to increase the profitability of its products. This comes after Ford paused work on its $3.5 billion battery plant in Michigan. Autoworkers have been on strike at GM, Ford, and Stellantis facilities. GM had previously discontinued its Chevy Bolt but plans to bring it back. Workers at Orion will be offered other opportunities in Michigan. GM is investing $4 billion to convert Orion for electric truck production, which includes facility and capacity expansion. The last runs of the Chevy Bolt will continue as planned. GM stock was up 0.9% after the announcement.
