The U.S. Gov't just provided $500M to retrofit GM plants to produce EVs, equating to 5% of the company's net income.

GM will receive up to $500 million to convert its Lansing Grand River Assembly Plant to producing EVs from producing internal combustion engine cars. It will support the retention of more than 650 jobs and create 50 new ones, according to a project description released by the Biden administration.

GM delivered 21,930 electric vehicles in Q2, up 34% over Q1 and 40% year over year, with first-half EV deliveries at 38,355.

First-half retail sales increased by 5%. The company recently approved a new $6 billion stock buyback program in addition to a previously announced $11.4 billion buyback authorization.

U.S. Rep. Elissa Slotkin, a Holly Democrat who represents Lansing, said the investment of federal tax dollars into GM's assembly plant near downtown Lansing will help the U.S. compete against China in the manufacturing of EVs.

"Whether or not you drive an EV today, or ever care to, there's no denying they will be a big part of the vehicles of tomorrow," Slotkin said Thursday in a statement.

"All you have to do is look at Europe and Mexico and see that China is looking to be the manufacturer of this next generation of vehicles. That's why it's essential to our economy and national security that electric vehicles, the batteries and components they run on, and other critical products are made in America."

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