GM is investing up to a billion dollars in Mexico

General Motors Company (NYSE: GM) will focus on manufacturing electric vehicles (EVs) in Mexico with an investment of more than $ 1 billion. According to a communiqué from General Motors, the Ramos Arizpe manufacturing complex in Mexico will begin production of EVs in 2023. The plant in Mexico manufactures the Chevrolet Blazer, transmissions, engines and the Chevrolet Equinox. General Motors' EV initiative is based on the Bidden Administration's directive to US automakers to produce vehicles including EVs in the country. However, it is unclear whether General Motors will import EVs from Mexico to the US. General Motors currently sells vehicles made in Mexico in the United States. Terry Dittes, VP (United Auto Workers) said General Motors' decision to invest in Mexico to manufacture EVs is a slap in the face for the tax view that taxpayers' and union members' money is paid should. The company is heavily lobbying the US government to incentivize the manufacture of EVs. He said the company is asking the government for significant investment to offer subsidized EVs in the United States. Terry also believes that taxpayers' money shouldn't go to other nations while enjoying government subsidies. General Motors will invest in electronic components such as electric motors and battery packs at its plant in Mexico in the second half of 2021. According to a press release, the company will open a new paint shop in June 2021. The Mexico facility will be General Motors' 5th EV manufacturing facility in North America. The company previously announced plans to manufacture EVs at two plants in Michigan and additional plants in Tennessee. It also planned to build another plant in Ontario, Canada. General Motors will either rebuild the existing plants or build new plants to manufacture EVs as the company plans to exclusively sell EVs by 2035. General Motors expects at least 30 new EVs to hit the market by 2025 as part of its $ 27 billion investment plan.