US auto giant General Motors has announced it will spend US$854 million (AU$1.22 billion) to design and build its next-generation V8 engines in the US – a fraction of US$35 billion -Dollar (AU$50 million) investments in electric cars in 2025.
US auto giant General Motors has pledged to keep gasoline power alive through allocation US$854 million (AU$1.22 billion) in financing the production of its next-generation V8 engines – while its significant investments in electric vehicles continue to grow.
In a media statement, General Motors said it will invest US$579 million (AU$828 million) to upgrade its existing engine plant in Flint, Michigan, which currently manufactures turbocharged four-cylinder and six-cylinder engines, to assemble the next generation V8 to prepare generations.
The remaining $275 million ($393 million) will be split between three other factories — Bay City, Michigan, Defiance, Ohio, and Rochester, New York — that will make various components for the V8 engine before the parts are sent to Flint to assemble.
General Motors has yet to announce a name for the engine, although the auto giant has confirmed it will be the sixth generation of its “small-block” V8 lineup, which dates back to 1955.
General Motors’ first generation small-block V8 engine was only available in Australia between 1968 and 1974, powering certain variants of the Holden Monaro and Statesman before the company switched to using its own locally made V8s by 1999.
When Holden stopped putting the Australian-made V8 in its cars in 1999, the automaker adopted General Motors’ new “Gen III” engine – better known as the “LS” series.
The US-made General Motors V8 continued to power high-performance Holden Commodores until the end of the automaker’s Australian production in 2017, culminating in the HSV GTSR W1 – powered by a supercharged 6.2-liter V8 producing 474 kW and 815 Nm.
The fifth-generation V8 engine is still available in Australia today, powering the Chevrolet Corvette sports car and Silverado 1500 pick-up truck sold through General Motors Specialty Vehicles (GMSV).
General Motors’ announcement also included a US$64 million (AU$91.5 million) funding commitment for its future electric vehicle projects – in addition to the automaker’s US$35 billion (AU$50 million) investment in development battery-powered vehicles between 2020 and 2020 2025.
The engine parts plant in Rochester, New York will use US$56 million (AU$80 million) of the funds to manufacture cooling lines for electric car battery packs, while the remaining US$8 million (AU$11.4 million ) were provided to the Defiance, Ohio facility to develop battery cells for electric vehicles.
General Motors previously announced long-term plans to introduce 30 electric models in the US by 2025 for its Chevrolet, Cadillac, GMC and Buick brands.
In July 2022, General Motors CEO Mary Barra took aim at Tesla and boldly announced a plan to overtake the pioneer’s electric car sales in the US by 2025.
“To really get to 30, 40, 50 percent EV sales, you have to target people who are in the $30,000 (AU$43,000) to $35,000 (AU$50,000) price range,” Frau said barra Associated Press.
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