From what I understand, the price tag came from Ventec, not GM. And the problems began when Ventec and GM couldn't get a contract from the Feds so for them it was impossible to hire and tool up not knowing how many ventilators would be purchased (even Trump has questioned how many will be needed), or come up with an accurate cost. Nonetheless, GM figured in any event they would not have enough employees at Kokomo and had begun to hire more to produce the ventilators. Ventec and GM are continuing on ventilator production without a firm contract. GM has also begun production of surgical masks and other supplies at its Warren facility. It will be interesting to see how many ventilators both GM and Ford are able to produce and how soon they will be available. Even if they are not going to be available in large numbers until after the crises has past at least they could be stockpiled in the event a similar pandemic happens again.
And while all this has been going on, Elon Musk and Tesla were able to buy large numbers of ventilators from China..............