General Motors (GM) Plans To Invest $300M In Orion Plant
Zacks Investment Research | Mar 22, 2019 08:51AM ET
General Motors Company (NYSE:GM) plans to invest $300 million in a suburban Orion plant, per Reuters. The Orion plant builds electric and autonomous vehicles for Chevrolet and self-driving Cruise unit of General Motors. This investment is aimed at developing future technologies and is likely to create several jobs.
Notably, General Motors has been criticized severely from the U.S. authorities for the decision of stopping production at the assembly plant based in Lordstown, OH. Given this bashing by the government, this latest investment plan is very significant.
The company is set to build an electric compact vehicle for Chevy. The new Chevy vehicle will be manufactured on the same compact architecture as Chevrolet Bolt EV and Cruise AV that are assembled in Orion. The Orion Township plant is scheduled to build new generation of electric and self-driving vehicles, utilizing the BEV3 architecture. But this will not take place before 2023.
General Motors strives to excel in building products and technology, and expanding Chevrolet and Cadillac brands globally. In fourth-quarter 2018, the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
General Motors has an expected long-term growth rate of 8.9%. Over the past three months, its shares have outperformed the Zacks Investment Research
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