GM earmarks $760M to convert Toledo factory for making EV parts (NYSE:GM)

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General Motors (NYSE:GM) said Friday it will spend $760M to renovate its Propulsion Systems factory in Toledo, Ohio, so it can build drive units that be used in electric vehicles.

The Toledo plant will be the automaker’s first U.S. powertrain or propulsion-related factory to begin the transition from internal combustion engines to EV-related production.

The 2.8M sq. ft. plant, built in 1956, will make drive lines for future electric trucks including the Chevrolet Silverado and GMC Sierra pickups, along with GMC Hummer EVs.

The plant employs 1,500 workers and currently makes four transmissions used in pickup trucks and other GM (GM) internal combustion vehicles.

Last week, GM (GM) said it will spend $491M at its Marion Stamping plant in Marion, Indiana, to prepare it to make steel and aluminum-stamped parts for future vehicles including EVs made at multiple GM assembly plants.