General Motors Will Spend $2 Billion to Convert a Third U.S. Plant to Electric Vehicles

General Motors (NYSE: GM) said today that it will spend $2 billion to convert a Tennessee factory to build electric vehicles (EVs), starting with the upcoming battery-electric Cadillac Lyriq SUV.

The plant in Spring Hill, Tennessee, once the home of GM's now-discontinued Saturn brand, will become the third U.S. GM factory dedicated to EV manufacturing once extensive renovations are complete. 

GM currently builds the battery-electric Chevrolet Bolt at a plant in Orion Township, Michigan, and plans to add at least one more EV there. The company announced in January that it is spending $2.2 billion to convert a second plant, near Detroit in the city of Hamtramck, to all-EV production. The company plans to spend at least $20 billion by 2025 to bring a new range of EVs to market in the United States. 

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Source Fool.com