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.