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Tennessee OKs $35M incentives for GM electric vehicle plant

November 24, 2020 GMT
This photo provided by General Motors shows the Cadillac Lyriq. General Motors' Cadillac brand is the latest to roll out an electric vehicle with the promise of taking sales from market leader Tesla. Executives say the Lyriq midsize SUV will have a range of over 300 miles per charge as well as technology and features to pull buyers from Tesla. (GM via AP)
This photo provided by General Motors shows the Cadillac Lyriq. General Motors' Cadillac brand is the latest to roll out an electric vehicle with the promise of taking sales from market leader Tesla. Executives say the Lyriq midsize SUV will have a range of over 300 miles per charge as well as technology and features to pull buyers from Tesla. (GM via AP)

NASHVILLE, Tenn. (AP) — A Tennessee panel has approved $35 million in economic incentives for General Motor’s plan to convert its Spring Hill assembly plant to build future electric vehicles.

The State Funding Board unanimously approved the incentives Tuesday.

The money will be used as a job training assistance grant to retrain 2,000 full-time employees for the new vehicle project. The employees make $31 an hour, while the median wage in Maury County — which encompasses Spring Hill — is $16.80.

Earlier this year, GM announced that it would spend $2 billion to change the Spring Hill factory into its third U.S. electric vehicle plant.

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According to GM, the company will build the Cadillac Lyriq, a small electric SUV, at the factory. Gasoline-powered Cadillac SUVs will continue to be built at the plant. The company has said that it will also get additional unspecified electric vehicles.