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GM Invests $1.5 Billion in North America This Year

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GM Invests $1.5 Billion in North America This Year

Mark Reuss, president of GM North America, said that the automaker plans to invest $1.5 billion to expand its business in the region.

Reuss said that the company will give more details regarding how the money will be spent and how many new jobs will be created. Analysts expect US consumers to purchase up to 15.5 million new vehicles in the country this year. This means that more production is needed.

Mark Reuss also said that the company expects the day when it will manufacture an EV that would offer 300 miles of range and the utility and comfort of a conventional vehicle. Until then, GM only has the all-new Cadillac ELR, based on the Chevrolet Volt powertrain, and which can travel 35 miles on battery alone before gasoline engine kicks in.

“I believe, and we at GM believe, that the public will accept and embrace electric vehicles,” Reuss said.

UAW President Bob King said that he expects GM to add new jobs in the US ‘very shortly.’ Since its bankruptcy in 2009, GM has added 18,000 hourly jobs in the US, and King said that this number will surpass 20,000 eventually. The automaker will also upgrade 70% of its product portfolio in the US and this summer it will introduce the Chevrolet Silverado and GMC Sierra full-size pickups, an important move in its expansion plan.

by Ana Cezara Savin (my Google+) - Wednesday, January 23rd, 2013 - filed under General Motors, News. Image credit: .
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