GM to invest $2 billion in U.S. assembly and component plants

GM Renaissance Center

General Motors has just announced that it will invest about $2 billion in U.S. assembly and component plants, creating and preserving more than 4,000 jobs at 17 facilities in a total of 8 states.

“We are doing this because we are confident about demand for our vehicles and the economy,” GM Chairman and CEO Dan Akerson said during an event at the 54-year-old Toledo Transmission Plant. “This new investment is on top of $3.4 billion and more than 9,000 jobs that GM has added or saved since mid-2009.”

GM said that it will invest $204 million to keep about 250 jobs for an all-new, advanced 8-speed automatic transmission for future vehicles. The new transmission is expected to improve fuel economy and performance on future vehicles.

“The UAW’s goal has been to return all laid-off workers to active status and see the company begin hiring again,” said Joe Ashton, UAW vice president – GM Department. “These announcements will create and retain thousands of jobs and bring General Motors back to full employment of our hourly workforce.”

The $131 million investment to build the next-generation Corvette in Bowling Green, Ky. was announced last week.

– By: Omar Rana