GM to invest into development of Electric Pick-up and battery manufacturing

General Motors Co. has announced an investment package of around $7 billion during its ongoing contract negotiations with United Auto Workers (UAW).

Part of this investment will be used by the automaker to develop a new electric pick-up model as well as create a dedicated battery manufacturing facility in the US.

The American automaker has been in talks with the union UAW after almost 48,000 hourly workers went on strike affecting GM's operations. The company has till now only divulged that the investment will be spread over eight facilities across four states.

The company plans to focus on developing propulsion systems foe EVs as well as its higher profit generating products such as trucks and utility vehicles. A part of the investment is slated to be used for production of EVs in Michigan as well as battery cells in Ohio.

GM is also working toward expanding its portfolio of EVs by 2023. The company is developing advanced battery technologies along with a modular vehicle structure. The flexible and modular structure will help the company diversify the shapes and sizes of the EVs as well as keep the costs in check.