General Motors Company (NYSE:GM)
On Monday, the General Motors Company (NYSE:GM) said that it intends to make investments totaling more than one billion dollars in two of its production locations in Flint, Michigan.
The carmaker based in Detroit intends to prepare the Flint Assembly and Flint Metal Center factories to manufacture the subsequent generation of heavy-duty trucks powered by internal combustion engines. The investment would enable GM to improve its already dominant position in the market for full-size trucks.
GM Stock said that the investment strengthens its manufacturing activities in the United States, which comprise more than 50 assembly, stamping, propulsion, and component factories and parts distribution centers across the country. It also highlighted the company’s commitment to providing consumers with a full range of internal combustion engine (ICE) cars for many years.
The Flint Assembly facility will receive an investment of $788 million from General Motors to prepare it to assemble next-generation ICE HD trucks. The plant will undergo improvements such as the enlargement of the body shop building, the general assembly conveyor expansion, and the addition of new tools and equipment. GM plans to invest $233 million at the Flint Metal Center to purchase new stamping dies, press refurbishments, and new equipment. These investments are intended to support manufacturing GM’s next-generation ICE HD trucks.
Mike Booth, UAW vice president, argued that the corporation should keep investing in its staff because of the rising economy over the previous decade, which he attributed to the hard work of UAW members. The news from GM comes at an important time, just before vital discussions on a new contract occur later in the summer between the Detroit manufacturers and the UAW.
In Monday’s early trade, GM stock lost 0.70%.
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