01:31 PM EDT, 07/11/2024 (MT Newswires) -- General Motors ( GM ) said Thursday that it has secured a $500 million grant from the US Department of Energy, which along with the company's own investment, will be used to shift its Lansing Grand River assembly in Michigan towards electrification.

The cost-shared grant supports the production of hybrid, plug-in electric hybrid, plug-in electric, and hydrogen fuel cell electric vehicles in the US and was awarded through a federal domestic manufacturing conversion grant program, the automaker said.

The Lansing Grand River assembly currently produces luxury and performance vehicles such as the Cadillac V-Series Blackwings, GM said.

The company, its suppliers, and joint venture partners also have been investing multibillion to onshore production of electric vehicle materials and components such as battery cells, GM added.

Shares of the company were up 2.7% in recent Thursday trading.

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