GM to Invest $800 Million Towards Commercial EV Factory in Ontario

GM recently unveiled a new wholly-owned business called BrightDrop, which will provide electric first-to-last mile products for logistics companies. As such, the automaker Monday announced it will allocate US$800 million towards production of electric commercial vehicles in Canada.

GM plans to invest almost US$800 million for the production of the EV600, an all-electric commercial vehicle that will be used by BrightDrop to deliver packages within a 250 mile range. GM plans to convert its CAMI plant in Ontario into a large-scale electric delivery vehicle manufacturing plant that will eventually produce the EV600 before the end of 2021.

BrightDrop will provide battery-powered vans, electric pallets, and other fleet-management services for courier companies within the next year or so. The auto-manufacturer’s latest investment would create the first large-scale commercial EV production factory in Canada.

Information for this briefing was found via GM. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why the Market May Be Misreading Iran | David Woo

Why US Fertilizer Supply Could Matter a Lot More Now | Pat Varas – Sage Potash

Roscan Gold: Mali Discount Hits Kandiole PEA

Recommended

Antimony Resources Expands New Discovery Following Trenching

Silver47 Kicks Off 7,000-Meter Drill Campaign at Nevada’s Hughes Project

Related News

GM Down to Two Shifts at Missouri Plant After Employees Stop Showing Up as Coronavirus Fears Mount

As coronavirus cases continue to rise at alarming levels across the US, many Americans have...

Tuesday, July 14, 2020, 07:45:00 PM

Toronto Pearson Airport Reports Further Layoffs, Anticipates Pre-Pandemic Level Recovery to Take 3-5 Years

Much like the stagnant demand for air travel south of the border, Canadian airports have...

Wednesday, July 15, 2020, 04:41:00 PM

S&P Global Maintains Canada’s AAA Rating Despite Colossal Deficit

S&P Global Ratings has reiterated its top-notch credit rating for Canada, despite the government’s latest...

Tuesday, April 27, 2021, 02:17:00 PM

EV Price War Likely To Intensify, Fueled by Aggressive Spending Plans

The price war that Tesla, Inc. (NASDAQ: TSLA) initiated two months ago in the electric...

Saturday, March 18, 2023, 01:37:00 PM

GM’s EV Customers Will Now Have Access to Over 60,000 Charging Stations Across Canada, US

On Wednesday, General Motors announced it will be partnering up with several major EV charging...

Thursday, April 29, 2021, 04:03:00 PM