General Motors (GM) - Get Report on Tuesday is likely to unveil investments in several U.S. plants, including a former Saturn plant in Tennessee that will become its third factory to produce electric vehicles, reports say.
GM intends to make an online announcement Tuesday morning but declined to elaborate.
At the Spring Hill, Tenn., plant, GM plans to build the first fully electric Cadillac, the Lyriq SUV, Bloomberg and the Associated Press reported.
The Lyriq small SUV is scheduled to debut in showrooms late in 2022, according to AP.
Sources told Bloomberg that GM would invest in other factories, too. The total investment will easily top $1 billion but won’t involve hiring more employees, according to Bloomberg.
The other two EV plants, which GM already announced, are in Orion Township, Mich., and Detroit-Hamtramck, at the border of Detroit and the hamlet of Hamtramck.
Meanwhile, news services report that GM will unveil an all-electric Hummer Tuesday at 8 p.m. Eastern Tuesday.
GMC has said the electric Hummer would have 1,000 horsepower and 11,500 pounds per foot of torque, Car and Driver reports. It estimates the vehicle's starting cost at $70,000.
GM shares recently traded at $33.88, up 1.6%. They fell 9% this year through Monday.
Morningstar analyst David Whiston is bullish on GM. “We think General Motors' car models are of the best quality and design in decades,” he wrote in a commentary last month. He puts fair value for the stock at $50.