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General Motors Invests $81M to Build Cadillac EV in Michigan

Stock Markets Jun 16, 2022 07:48
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© Reuters.

By Michael Elkins

General Motors (NYSE:GM) announced Wednesday that the company would invest $81 million to build its future Cadillac Celestiq electric flagship sedan at GM's Warren Technical Center in Michigan. The Celestiq is slated to begin production in the Detroit suburb in late 2023.

"If done properly, the Celestiq could become the kind of top-of-the-line model that used to make Cadillac the choice of celebrities and royalty," said Sam Fiorani, AFS vice president of global vehicle forecasting.

GM is not disclosing any manufacturing specifics, other than to say the product will be made in existing buildings and the renovation work has started, said GM spokesman Dan Flores.

Union-represented hourly workers are expected to build the Celestiq, but when asked to confirm that, Flores said, "We are not disclosing any details related to the manufacturing process. UAW 160 represents hourly employees who work on the Technical Center campus."

The Celestiq will be built on GM’s Ultium platform, a proprietary battery system that will propel all of GM's future EVs.

“Celestiq signifies a new, resurgent era for the brand,” said Mark Reuss, GM's president. “Today’s investment announcement emphasizes our commitment to delivering a world-class Cadillac with nothing but the best in craftsmanship, design, engineering and technology.”

General Motors Invests $81M to Build Cadillac EV in Michigan
 

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