General Motors & Co (NYSE: GM) said in a statement today that it plans on spending $336 million to ready a Detroit factory to build the Chevrolet Volt plug-in hybrid vehicle that is slated to begin sales in November of 2010.
GM is counting on the Chevy Volt to leapfrog Toyota Motor Corp’s gasoline-electric hybrid Prius.General Motors that it expects the Volt to earn a U.S. fuel-economy rating of over 230 miles per gallon in city driving and earn more than 100 miles per gallon in combined highway-city operation.
On August 13th, the Detroit-based automobile manufacturer said that it would invest $43 million in a battery assembly plant in Brownstown Township near Detroit.
The new factory in Brownstown will assemble lithium-ion cells from a unit of South Korea’s LG Chem Ltd. into battery packs for the Volt. The new plant will be the first for the large U.S. automaker.
General Motors is building its own batteries to keep tight control and maintain quality in a critical component of the vehicle.
Source: americanbankingnews.com
Recent Comments