GM SPENDING $760M TO CONVERT TOLEDO FACTORY TO MAKE EV PARTS

General Motors says it will spend $760 million to renovate its transmission factory in Toledo, Ohio, so it can build drive lines for electric vehicles.

It's the first GM engine or transmission plant to begin the long transition from internal combustion engines to electric vehicles. The company has a goal of making only electric passenger vehicles by 2035.

The move will keep the jobs of about 1,500 hourly and salaried workers at the Toledo plant, which now makes four transmissions used in pickup trucks and many other GM internal combustion vehicles. No new hiring is expected.

"This investment helps build job security for our Toledo team for years to come, and is the next step on our journey to an all-electric future," Gerald Johnson, executive vice president of global manufacturing for GM, said in a statement.

Electric drive lines take power from the batteries and convert it to motion at the wheels.

The 2.8 million-square-foot Toledo plant, built in 1956, will make drive lines for future electric trucks including the Chevrolet Silverado and GMC Sierra pickups, along with GMC Hummer EVs.