Basic Search
|
Geographic Searches
|
Advanced Search |
MegadealsSubsidy Tracker Individual Entry
Company: General Motors
Parent Company:
General Motors
Subsidy Source: multiple
Location: Michigan
Project Description: EV production and battery manufacturing
Year: 2022
Major Industry of Parent: motor vehicles
Specific Industry of Parent: motor vehicles
Subsidy Value: $1,761,000,000
Subsidy Value in 2023 Dollars: $1,833,643,801
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy:
MEGADEAL
: 4,000
Capital Investment: $7,000,000,000
Source of Data: A good explanation and a breakdown of the package: Michigan House Appropriations Committee, Michael D. Farren testimony: "Michigan's SOAR Funding for Economic Stimulus: Even Though the Train Has Left the Station, It's Not Too Late to Change Tracks," Mercatus Center, February 23, 2022;
(click here). Local subsidies: Jamie L. LaReau, "GM is granted big tax break; Automaker has proposed $1.3B investment for EV retooling," January 19, 2022, Detroit Free Press. Via LexisNexis.
Notes: The subsidy deal is for expansions of EVs production in Orion Township and building an electric battery manufacturing facility in Lansing (the EV battery plant is a joint venture between GM and LG Energy Solution called Ultium Cells). The state provided $666 million via the Strategic Outreach and Attraction Reserve (SOAR) Fund (the state created the program in March 2022 for an unnamed company later revealed to be GM); $158 million is from the Renaissance Zone tax incentive. In addition, the company will access about $937 million more in water subsidies from the Lansing Board of Water and Light. Local subsidies include 15-year abatements from Orion Township which value has been unknown. Overlaps with main data: none.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.
