Today, General Motors made its $7 billion plan to expand electric vehicle and EV parts manufacturing in Michigan official. CEO Mary Barra announced the plans to add 4,000 new jobs to the State through EV updates to its factories. Additionally, it will build a new battery factory and convert an existing factory into a hub for manufacturing its electric pickup trucks.
Last week, we reported that GM was planning to invest at least $6.5 billion to develop new facilities in Michigan and contribute 4,000 new jobs while retaining an additional 1,000.
“Today, we are taking the next step in our continuous work to establish GM’s EV leadership by making investments in our vertically integrated battery production in the U.S. and our North American EV production capacity,” Mary Barra, CEO and Chairwoman of General Motors said. “We are building on the positive consumer response and reservations for our recent EV launches and debuts, including GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Equinox EV, and Chevrolet Silverado EV. Our plan creates the broadest EV portfolio of any automaker and further solidifies our path toward U.S. EV leadership by mid-decade.”
GM will spend $2.6 billion on a brand new factory in the Lansing area in a joint venture with LG Energy Solution. Additionally, $4 billion will be used to convert the Orion Township factory into the main facility for GM’s various electric pickups, including the recently announced Chevrolet Silverado EV and the GMC Sierra EV, starting in 2024. It will also invest an additional $510 million of the $7 billion budget in two Lansing-area vehicle assembly plants, which will bring the facilities up-to-date, but it will upgrade its current offerings at these sites, which are non-electric.
“Michigan will be the recognized hub and leader of innovation in the U.S. for EV R&D and manufacturing,” GM President Mark Reuss said today.
Most of the EVs that GM plans to produce will be built at the Orion and Factory Zero facilities In Michigan, Reuss said. The Orion plant will produce 360,000 vehicles by 2025 if all goes according to plan. Factory Zero, GM’s site for “zero crashes, zero emissions, and zero congestion,” will build 270,000 units by mid-decade. To supplement its 1 million EV production goal, GM will convert additional plants across North America to build EVs.
Renovations and new construction continue at General Motors Factory ZERO Friday, July 2, 2021, in Detroit, Michigan. GM is investing $2.2 billion to convert the former Detroit-Hamtramck Assembly plant into its first fully dedicated electric vehicle assembly facility. (Photo by Jeffrey Sauger for General Motors)
$2.6 Billion Battery Plant in Lansing
The $2.6 billion battery plant that was announced in a joint venture with LG Energy Solution will land in the Lansing area of the State of Michigan. It will open in late 2024, according to GM, and will be 2.8-million square feet in size. The facility will produce GM’s Ultium EV battery cells, which is the automaker’s main point of emphasis for its expanding fleet of EVs. The Ultium cells will be made in-house, which could contribute to GM’s plan to expand EV manufacturing to monumental levels by 2025. Instead of sourcing the cells from third-party manufacturers, GM is planning to produce them in-house and avoid any potential bottlenecks in the supply chain, which also could cause the automaker to revise its production goals.
GM announces the Chevy Silverado EV: 400 miles of range with Ultium battery tech
GM could control the costs of its batteries by manufacturing them. Batteries are the most expensive part of an EV, and the key to controlling their cost is to fully integrate the entire supply chain into a business model. Everything from mining the raw materials to putting the battery pack into an EV can be done without the help of suppliers. It is difficult to do, but it is how Tesla basically managed to overtake every other manufacturer in the United States and gain recognition as the most-productive automaker in the country, based on production numbers from the Fremont Factory in Northern California. Tesla’s success also involved vertical integration of many of its parts, not just battery packs.
The Ultium cells could be capable of range ratings of 450 miles or greater. They are also manufactured differently, as they are pouch cells instead of cylindrical cells used by other companies.
GM plans to be all-electric by 2035.
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Elon Musk
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
SpaceX priced its historic IPO at $135 per share today, raising a record $75 billion.
SpaceX officially priced its initial public offering at $135 per share, offering 555,555,555 shares of Class A common stock and raising $75 billion in what is the largest IPO in stock market history. Shares are set to begin trading on the Nasdaq Global Select Market on Friday, June 12, under the ticker symbol SPCX. The previous record holder was Saudi Aramco’s 2019 offering at $29 billion, followed by Alibaba’s $22 billion offering in 2014.
At $135 per share and roughly 555.6 million shares, the implied valuation sits near $1.75 trillion, which would make SpaceX roughly the seventh largest company in the United States, just above Tesla’s current market cap. Regular investors can request shares at the IPO price through Robinhood, Fidelity, Charles Schwab, SoFi, and E*TRADE, though the deal is heavily oversubscribed and most retail allocations will be partial or unfilled. Once trading opens June 12, anyone with a brokerage account can buy SPCX on the open market.
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
The valuation is anchored primarily by Starlink. Starlink crossed 10 million subscribers as of February 2026 and is adding 750,000 to 1.5 million new users per month, with the connectivity segment already posting a $1.19 billion profit last quarter. The offering also bundles in xAI following SpaceX’s all-stock merger earlier this year, adding Grok and the Colossus supercomputer to the investment thesis. As Teslarati reported, Starlink ended 2025 with $10 billion in revenue, a figure analysts project could reach $24 billion by end of 2026.
Wedbush analyst Dan Ives has been vocal in his support. “I think the time is right,” Ives said, adding that the offering expands the Elon Musk ecosystem rather than competing with Tesla. An average 12-month price target of $165 per share represents roughly 22% upside from the IPO price. Not everyone agrees – Motley Fool noted xAI is spending $1 billion per month playing catch-up to OpenAI and Anthropic.
Musk founded SpaceX in 2002 with a single stated purpose. “Elon founded SpaceX with a goal to change humanity, to make us a multi-planet species,” CFO Bret Johnsen said in the company’s retail roadshow video this week. Musk himself has been more direct: “We are building the systems and technologies necessary to provide global connectivity on Earth and beyond, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
Investor's Corner
Tesla unfolded its first European “folding Supercharger”
Tesla’s folding Supercharger just arrived in Europe and it changes how fast charging expands.
Tesla’s Folding Unit Supercharger has officially landed in Europe, with the company teasing a new installation in its effort for a broader rollout targeting major motorway rest stops across the European continent in Q3 2026. The arrival marks a notable shift in how Tesla is thinking about network expansion, moving from hardware performance alone to engineering the logistics chain itself.
While Tesla did not reveal the exact location for the new folding Supercharger in Europe, the photo shared on X heavily suggests that this maybe somewhere in Norway. Historically, whenever Tesla rolls out an entirely new infrastructure architecture in Europe, whether it was the original Supercharger stalls years ago or these brand-new modular V4 “Folding Units”, Norway is almost always the designated launch pad because of its unmatched EV adoption rate and supportive infrastructure
The Folding Unit, introduced in March 2026, is a factory pre-assembled V4 charging station built on an industrial hinge system mounted to a heavy-duty concrete base. The entire assembly arrives on site ready to unfold and connect. Tesla confirmed the units feature telescopic light poles specifically designed for easy transportation and fast on-site deployment, a detail that signals how carefully the logistics chain has been engineered alongside the hardware itself. The design allows 33% more stalls per delivery truck, cuts installation time roughly in half, and reduces overall deployment costs by more than 20% compared to traditional installations.
Tesla’s newest “Folding V4 Superchargers” are key to its most aggressive expansion yet
Tesla also noted telescopic light poles which provide benefits over traditional Supercharger installations that require fixed-height poles that are awkward to ship, slow to position on site, and often require separate crews and equipment to erect before charging hardware can even be staged. By engineering poles that compress for transit and extend on arrival, Tesla has removed one of the quieter bottlenecks in the physical deployment process. Every hour saved on a light pole installation is an hour redirected toward getting stalls energized. At scale, across dozens of new sites per quarter, those hours add up to a meaningful acceleration in how quickly a location goes from approved permit to serving its first customer.
Each Folding Unit pairs a single V4 power cabinet with eight charging posts. The V4 cabinet delivers up to 500 kW per stall for passenger vehicles and up to 1.2 MW for the Tesla Semi, supporting twice the stalls per cabinet at three times the power density of its predecessor. Longer cables make every new station immediately usable by non-Tesla vehicles, a priority as Tesla continues opening its network to Ford, GM, Rivian, Hyundai, Stellantis, and others.
As Teslarati reported when the Folding Unit was first unveiled, Tesla’s Gigafactory New York produced its final V3 Supercharger cabinet in March 2026 after more than seven years and 15,000 units, completing a full pivot to V4 production. The European arrival of the folding design is the next chapter in that transition.
Faster and cheaper deployment means Tesla can justify building in markets and corridors that were previously too expensive to serve, filling the coverage gaps that have slowed EV adoption outside major urban centers.
First Folding Unit Superchargers in Europe 🇪🇺 https://t.co/KNfYWJukkL pic.twitter.com/YR1udIpH1i
— Tesla Charging (@TeslaCharging) June 10, 2026
Tesla has stunned by gaining yet another approval for its Full Self-Driving suite in Europe, its second in two days and its fifth overall.
Belgium will be the latest country to allow Tesla owners to utilize FSD on public roads in Europe, joining a quickly growing list that started with the Netherlands, Lithuania, and Estonia.
On Tuesday, Denmark announced its approval of the FSD suite, which has now been followed by Belgium just one day later.
The country’s Minister of Mobility, Annick De Ridder, announced the approval on her X account, stating that she had just signed the approval of Tesla FSD. It now goes to the country’s homologation department for the last step of the approval process.
De @Tesla community houdt hier al geruime tijd de vinger aan de pols over de toelating voor de FSD-technologie op onze Vlaamse en Belgische wegen.
Uit waardering voor jullie niet-aflatende interesse (en aanmoediging 😉), krijgen jullie hierbij de primeur: ik heb net de toelating… pic.twitter.com/Yrps4OHTj8— Annick De Ridder (@AnnickDeRidder) June 10, 2026
The Belgian approval is one of mighty importance because it truly shows how quickly countries in Europe could greenlight the FSD suite consecutively. Approvals are already coming in relatively quickly, which is a great sign.
Perhaps the next big development that could come from FSD approvals in Europe is an approval from a country like England, Italy, France, Spain, or Germany. It would be something to see how FSD would perform in a major European metro, such as London, Barcelona, Madrid, Paris, Rome, or Berlin.
Getting Full Self-Driving in Spain and England will be such huge milestones for Tesla. I am so excited to see how FSD performs in Madrid, Barcelona, and London, specifically.
The ultimate test will always be Mumbai or New Delhi. Excited for India’s eventual approval! https://t.co/paw9Ch1qmL pic.twitter.com/9RdDERVSSJ
— TESLARATI (@Teslarati) June 9, 2026
Full Self-Driving does an excellent job of roaming around major U.S. cities like New York and Los Angeles, but other high-profile international cities of significance would truly mark a line in the sand for Tesla, which can simply enable any vehicle in its customer-owned fleet to run FSD with the correct approvals.
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
Tesla unfolded its first European “folding Supercharger”
