Increasing investment in the EV market
GM is in the news as they announced that they will build two additional battery plants increasing the number to 4 in total. That increases the infrastructure build by 30% to $35 billion. The largest US auto manufacturer also lifted first half adjusted EBIT outlook to as much as $9.5 billion.
GM has increased the investment into EV from $20B to the now $35B number.
With the US chip making production/investment also on the rise, total investment in infrastructure is happening outside of government. Intel which announced they would invest $20 billion in 2 new fabrication units in Arizona, is also in the news this morning saying that they will form a government affairs advisory committee.
The shares of GM have increased 2.2% in premarket trading.