This Morning in Metals: General Motors to invest $2B to transition Tennessee plant for EVs

by on
electric vehicle charging

scharfsinn86/Adobe Stock

This morning in metals news: General Motors will invest $2 billion to transition its Tennessee plant for the production of electric vehicles (EVs); Rio Tinto announced its Q3 2020 production results; and Norsk Hydro has made a deal to merge part of its hydropower generation with that of Lyse. 

The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.

General Motors to invest $2B to repurpose Tennessee plant for EVs

General Motors will invest $2 billion to transition its Spring Hill, Tennessee plant for the production of electric vehicles.

The plant will be GM’s third to transition to producing EVs, after Factory ZERO in Detroit and Hamtramck, Michigan, and Orion Assembly in Orion Township, Michigan.

Rio Tinto releases Q3 output figures

Miner Rio Tinto recently released its output results for Q3, reporting iron ore production of 86.4 million tons.

The Q3 production figure marked a 5% decline on a both a year-over-year and month-over-month basis.

Rio Tinto’s Q3 bauxite production totaled 14.5 million tons, up 5% year over year and down 1% from the previous quarter.

Aluminum output reached 797 kt, up 1% year over year and up 2% from the previous quarter. In addition, copper output reached 129.6 kt, down 18% year over year and down 2% from Q2 2020.

Hydro, Lyse to establish hydropower company

Meanwhile, Oslo-based Norsk Hydro announced it will merge part of its hydropower capacity with that of Lyse.

The new firm, Lyse Kraft DA, will have annual power production capacity of 9.5 TWh. Hydro will own 25.6% of Lyse Kraft DA, while Lyse will own 74.4%.

Stay up to date on MetalMiner with weekly updates – without the sales pitch. Sign up now.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.