General Motors (NYSE: GM) announced Thursday it will invest $1 billion in a manufacturing complex in Ramos Arizpe, Mexico, that will build electric vehicles by 2023.
“This investment will serve to prepare the complex for an expansion in the assembly and global propulsion systems plants, in order to make the Ramos Arizpe facility the company’s fifth manufacturing site in North America,” GM said in a statement.
The announcement represents the first major investment for an electric vehicle factory in Mexico. The $1 billion investment will transform the Ramos Arizpe plant into the fifth GM North America manufacturing site to produce electric vehicles.
