General Motors CEO Mary Barra rang the opening bell for the New York Stock Exchange from the floor of the automaker’s newly opened Factory Zero plant in Detroit-Hamtramck, Michigan this morning.
Barra rang the opening bell for the NYSE ahead of President Joe Biden’s visit to the assembly plant later today for a press conference. According to The Detroit News, Biden’s press conference will address how the infrastructure bill that passed this week will help facilitate the transition from internal combustion engine vehicles to battery-electric vehicles in America.
GM invested $2.2 billion in the Factory Zero plant (formerly referred to as Detroit-Hamtramck Assembly) in order to prepare it to produce a variety of large electric vehicles, including the GMC Hummer EV Pickup and GMC Hummer EV SUV, the Cruise Origin robotaxi and the forthcoming Chevy Silverado EV. The plant celebrated its grand opening today and will begin production of the GMC Hummer EV Pickup in the near future.
“GM’s U.S. manufacturing expertise is key to achieving our all-electric future,” Barra said in a prepared statement. “This is a monumental day for the entire GM team. We retooled Factory Zero with the best, most advanced technology in the world to build the highest quality electric vehicles for our customers.”
GM says Factory Zero will employ more than 2,200 once it is up and running at full capacity. The plant will not reach full capacity until about mid-decade, when both GMC Hummer EV variants are in production alongside the Cruise Origin and Chevy Silverado EV.
Factory Zero isn’t the only ICE vehicle plant that GM plans to convert to an EV-only facility. Other existing GM plants will also be converted between now and 2030, with the automaker’s executive vice president of Global Manufacturing and Sustainability, Gerald Johnson, saying Factory Zero “serves as a model for transitions that will take place at other factories around the world in the coming years.”
“To meet our ambitious EV transition, GM’s North American EV vehicle assembly capacity will reach 20 percent by 2025, and then 50 percent by 2030,” Johnson said.
The first vehicle to be produced at Factory Zero will be the 2022 GMC Hummer EV First Edition, which sold out shortly after its unveiling earlier this year. Prices for the Hummer EV Edition 1 started at $112,595 when it was still available for purchase.
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Comments
This is huge for GM.
I really hope Poopy Pants Biden sniffs and caresses Barra. That would be awesome.
… just saw nice pictures of the 1963 GM Cadillac Series Sixty Two Sedan Convertible Turquoise
how impressive GM & Cadillac Brand Once was … …. … all lost … a today is nothing in terms of cars
the materials, white leather seats, with turquoise details, chrome overall .. please Marry Barra take a car from Museum
… reput into production … you will make better figure than this ugly Hummer and Lyric or any other you have on shelf ! not even a Rolls Royce Bespoke with all those wood unsustainable inside get the feet of those cars of past and fortunate in some few hands to delight us even still… with pictures or in events … but no, what we have on streets are waste of materials
Cool, and GM stock is right now trading at an All Time High… GM investors happy today!
You are correct, the investors are definitely happy. I think that’s all GM cares about is their investors, cause we all know they don’t care about their customers. Just ask all the Bolt owners if they are happy. Or maybe all the owners of GM trucks and SUVs with cracked dashes or owners of cars and trucks that are waiting on lifters. Focus on quality and customer service more and less on appeasing the investors.
… totally right … car companies today, the automakers play to themselves, not to us.
it is a kind of internal exercise to employs 100 000 people pretending to be working for a supposed market
Bolt owners are getting better batteries.
Should of had the “Better Batteries” in the first place. Customers shouldn’t be about Research and Development.
Well, investors own the company, so yes, it is managements primary job to keep the investors satisfied. Customer satisfaction is relative, you cannot please everyone, all of the time. Corvette Z06 reservation are upset because they have to wait so long due to massive interest in those car. Car is too good? Hummer Ev same thing, people bidding just to buy early reservation spots? Yes, the Bolt where a supplier fell down on quality control, but GM is making it right, new batteries, and new warranty, not much else they can do. If a customer is not satisfied they can sue GM, but proving damage out of that will be tough. I remember my 2000 Silverado 2500 piston slap, it was annoying, but GM said it has no affect on longevity, well now my brother has that truck with over 300K miles, still runs great and no major failures of engine or transmission. Sometimes customers get emotional and their arguments lose reason, in which cases a court can figure out who is right or wrong. In the piston slap lawsuits GM won every case, and from my experience they were correct. GM quality overall is about average in the industry, in some ways great, other ways not as great. I think GM’s body fits and paint jobs have gotten much better in recent years, there are still supplier problems that pop up like Lifters, Valves, batteries, etc, but that is standard in the industry.
I’m a Bolt owner and I’m fine. What isn’t talked about is most EV’s tell you to only charge to 80-90% as a normal practice in their manuals. GM didn’t have that advance in their manual.
Every Bolt owner I know. (small sample size). is fine with and excited for their new battery and warranty. by adding more range, GM is in essence giving customers more value than they paid for, so no reason to be upset. The customers I know have never changed their driving habits, still charge daily to 100%, but outside.
Yay. Raaa, Raaa.
Finally looked up how to pronounce Hamtramck “ham-tram-ick”
Well this is the opening of the gate on EV products and GM’s future.
While many of these EV start up’s hold a lot of speculation and artificial high prices on the stock GM will have to earn theirs since they have a track record. Investors can be less forgiving.
GM needs to make the best cars they can and be as trouble free as possible on the start up as the media and market will not be as forgiving as they have been on the Tesla and others.
This could be a big pay off as we go. The prices will come down with volume and new tech and we should see some major changes with the scale GM can afford.
Can they do it…Yes will they do it right…. Time will tell. Things will not always ago as planned but it will be in how they manage it that will determine the out come. They can’t just ignore problems here in this very competitive market that is a reset for all customers.
I though you said all factories have to open up and production increase to get the stock price to recover? I guess you missed, Spring Hill is down, and Lansing Delta is down, yet the stock hit an all time high on Hummer Plant opening which I always told you was what the market was waiting for.
Look we are dealing with a much more complex market than we have been. The price could drop next week on more chip issues or go up with more investor speculation.
First off Springhill is down now to switch to the Cadillac and Honda EV models. Good for the speculator but with no inventory of several models it will hit the general investor.
GM is not like Tesla where it is fully over market value on speculation.
Times are volatile right now. But better to be up on speculation than down and struggling.
Donovan there is still much risk here as if there are issues and problems you speculating friends can sell fast. GM investors are not brain washed by Musk.
FYI if I fail to respond I have a life. I don’t need you approval or care what you think.
Ford began their EV products in 2020 so GM is not that much ahead.
I dont get the love affair with Barra. A major part of her job is to mitigate risk, something that the chip shortage has proven she hasnt done well. She missed the boat bigtime on the rivian deal and GMs EV front has been nothing but a circus. The only reason GM stock price is high is because Barra has approved over 10 billion dollars of stock buybacks. So yeah. Stock price is going up but not because of inovation or sales growth. You can only continue to do stock buybacks for so long.
No, a CEO does not work directly in the supply chain. GM has hundreds of people who manage supply chain, and the Chip issue was not really predictable, at least not the depth of it, because you cannot predict a chip foundry in Japan will have a fire, and before they recovers one in Thailand ahas an outbreak of Covid that shuts it down for a month.
The CEO also does not approve stock buybacks, that is the board of directors. GM has not bought any stock back for nearly 2 years. Stock buybacks are the best way to increase investor value in many cases, Apple has bought back 1/3 of their shares, and plans to continue buying more back.
Mary Barry did miss the Rivian deal, and that is on her, and the GM execs involved in the negotiation. But she did land Cruise which will likely pay off better than Rivian and with less initial capital.
If Barra touches it it’s crap.
Well Mary must be doing something right !
Barra will do anything to get in the press.
Watch for her next magic trick……..
The walking out of 35% of the white collar work force…..