GM to invest $2 billion in factories, boost production image

General Motors Co., after years of wrenching cutbacks, said Tuesday that it will invest about $2 billion in 17 plants across eight states in a move that will add or save more than 4,000 jobs.

G.M.’s chief executive, Daniel F. Akerson, made the announcement at a transmission plant in this northern Ohio city, where the company will spend $204 million and retain 250 jobs.
GM said the plans will create or preserve more than 4,000 jobs as it retools the plants in eight states. The company employs 202,000 people globally, including 77,000 in the United States.

“We are doing this because we are confident about demand for our vehicles and the economy,” GM Chief Executive Daniel Akerson said in a statement.

GM last week announced an investment of $131 million and about 250 additional jobs in Bowling Green, Ky., Plant improvements and installation of new equipment to make the next-generation Chevrolet Corvette will begin soon, in addition to the current-generation Corvette.

A whopping $204 million will go to the 54-year-old Toledo Transmission plant, adding more than 250 jobs to work on GM’s newest innovation: a new fuel-efficient eight-speed transmission.

“At a certain point you have to start spending again,” Nesvold said. “Auto sales will get back to 14 million or 15 million units eventually.”