General Motors has committed to invest at least $3.5 billion in Michigan over the next 10 years including a significant investment at its Detroit Hamtramck facility, which will be the future home of a newly announced battery electric truck and other electric vehicles.
According to state officials the investment will eventually result in new employment opportunities at the facility and elsewhere in the state.
To support GM’s commitments, the Michigan Strategic Fund approved amendments including:
Requiring GM to invest at least $3.5 billion in Michigan over the next 10 years, including an investment at the Detroit Hamtramck facility;
Reducing the maximum credit benefit on the remaining value of the company’s Global Retention MEGA credit term by $325 million for a remaining credit value of $2.27 billion;
Adding annual caps for the remaining credit term through Dec. 31, 2029;
An agreement to terminate the company’s MEGA credit at its Brownstown Township facility, reducing the state’s liability by $4.1 million;
Increasing the average weekly wage from $650 to $1,300 statewide for the remaining credit term and allowing for statewide job retention rather than limiting it to certain locations.