GM to Announce New Michigan Investments
at Detroit Economic Club
· Chevrolet Volt electric drive unit to be built in Warren, Mich.
· Michigan established as GM’s global center of excellence for vehicle electrification
DETROIT –Today at the Detroit Economic Club, General Motors Co. (NYSE: GM) CEO Mary Barra will confirm that the company’s Warren Transmission Plant will build the electric drive unit for the second-generation Chevrolet Volt. That means most major Volt powertrain components – from its battery cells to its range-extender – will be made in Michigan, establishing the state as the company’s global engineering center of excellence for vehicle electrification.
At the same time, Barra will announce capital investments of nearly $300 million in Michigan between now and the end of the year. Details will be announced later.
“We must provide the breakthrough technology that our customers want,” said Barra. “Our investments in the Chevy Volt and Michigan signify our commitment to lead the industry in technology and innovation.”
Since 2009, GM has announced more than $11 billion in investments in the United States, with almost half of that investment committed to Michigan.
In addition, GM has worked with its UAW partners to develop initiatives that will lead to more than 22,600 jobs in the United States. This hiring has begun and will continue over the next few years, and many of these jobs will be based in Michigan.
Approximately $1.82 billion in capital has been invested in projects dedicated specifically to vehicle electrification.
· GM’s Brownstown Township facility is the country’s first high-volume lithium-ion battery pack manufacturing site operated by a major automaker.
· The Chevrolet Volt and Cadillac ELR are assembled at GM’s Detroit-Hamtramck assembly plant.
- GM’s Flint Engine Operations will build the 1.5-liter, four-cylinder range extender for the Volt. The unit is part of an all-new engine family.
· Warren Transmission will build the GM Voltec Multi-Mode Electric Drive Unit, which allows the Volt to drive in pure electric or extended range electric mode.
Battery cells for the Volt and ELR are produced by LG Chem in Holland, Mich., and the Volt’s vehicle’s electric motors will also be made in the United States.
Within the first year of production, about 70 percent of the Volt’s parts will be made in the United States or Canada, which GM believes is the most for a plug-in or conventional hybrid.
· Since the Volt was launched in 2010, owners driving in pure electric mode have helped reduce gasoline consumption by more than 25 million gallons.
· Based on a GM study of more than 300 2011-2012 model year Volts in service in California, many owners exceed the EPA-rated label of 35 miles of EV range per full charge, with about 15 percent surpassing 40 miles of range.
· Volt owners who charge regularly typically drive more than 970 miles between fill-ups and refuel less than once a month. The 2014 Volt provides owners with EPA-estimated fuel economy of 98 MPGe (electric) and 35 mpg city/40 mpg highway on gasoline power.
· Nearly 70 percent of Volt buyers are new to GM. The Toyota Prius is the most frequently traded-in vehicle for a Volt.
· Volt is the most successful plug-in electric vehicle in the United States, with cumulative sales of more than 69,000 vehicles.
General Motors Co.(NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
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In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
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