Corrected: Electric pickup, batteries included in GM's $7 billion pledge
By Paul Lienert DETROIT (Reuters) - (This story corrects to remove references to new family of electric vehicles in first sentence and in paragraph 5, corrects paragraph 4 to say part of investment is earmarked for EV production in Michigan instead of two Michigan plants.) An all-electric pickup truck and an advanced battery system will be part of the $7 billion that General Motors Co has pledged to invest in the United States as parts of contract talks with the United Auto Workers. The automaker and the union were continuing talks late on Monday to resolve a strike by 48,000 hourly workers that shut down GM's highly profitable U.S. operations
By Paul Lienert
DETROIT (Reuters) - (This story corrects to remove references to new family of electric vehicles in first sentence and in paragraph 5, corrects paragraph 4 to say part of investment is earmarked for EV production in Michigan instead of two Michigan plants.)
An all-electric pickup truck and an advanced battery system will be part of the $7 billion that General Motors Co
The automaker and the union were continuing talks late on Monday to resolve a strike by 48,000 hourly workers that shut down GM's highly profitable U.S. operations.
GM said on Saturday it would make investments in eight facilities in four states, but did not specify timing, location or products other than the electric pickup and a battery cell plant.
Some of that investment is earmarked for the production of electric vehicles in Michigan and battery cells in Ohio, sources said.
GM also is expected to update plants in Michigan, Tennessee and Missouri to build redesigned versions of its midsize pickups and crossovers, according to a GM source. The company said it will invest in “additional new vehicle and propulsion programs,” but said nothing about opening new plants.
"With as much excess capacity as GM still has, the company won't be opening any new plants for the foreseeable future," said AutoForecast Solutions Vice President Sam Fiorani.
GM has said it plans to introduce a stable of electric vehicles by 2023, but has not provided details. Sources have said those vehicles will feature an advanced battery system and a new vehicle structure that is flexible and modular, to accommodate different vehicle types and sizes.
Over the past three years, GM has spent an average $8.45 billion a year on capital expenditures. Most of that investment was made in North America, another GM source said.
The $7 billion investment pledged to the UAW works out to less than $2 billion a year over the four-year life of the proposed contract.
Reuters last week disclosed that GM plans to introduce a full-size electric pickup in 2022, citing officials familiar with the company's plans.
On Monday, a person familiar with GM's offer to the UAW said the company could produce the electric truck at the Detroit-Hamtramck plant that now has no future assignment.
GM could also build an electric vehicle battery plant near its shuttered assembly plant in Lordstown, Ohio.
(Reporting by Paul Lienert in Detroit; Editing by Matthew Lewis)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Arunima Kumar (Reuters) - Aurora Cannabis on Tuesday announced a new round of staff reductions and plans to shut five facilities over the next two quarters, as the COVID-19 pandemic pummels the cash-crunched cannabis industry. For most marijuana companies in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth. The industry has been further hit by the COVID-19 crisis, which has also upended financial markets, making it harder to get investor dollars
NEW DELHI (Reuters) - India has imposed an anti-dumping duty on flat rolled steel products that are plated or coated with alloy of aluminium and zinc originating in, or from China, Vietnam and South Korea, according to a government order https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2020/cs-add2020/csadd16-2020.pdf issued on Tuesday. The duty will be in the range of $13.07-$173.10 per tonne for 5 years, according to the statement
By Diptendu Lahiri (Reuters) - Gold prices surged to their highest since October 2012 on Tuesday, driven by a weakness in the U.S. dollar and widespread monetary stimulus packages by central banks as a jump in coronavirus cases dents the economic outlook