GM Plans at Least $1 Billion in Fresh U.S. Investment -- Update
January 16 2017 - 7:57PM
Dow Jones News
By Mike Colias
General Motors Co. this week will announce plans to invest at
least $1 billion across several U.S. factories, two people familiar
with the plan said, a move aimed at underlining its commitment to
U.S. manufacturing jobs in the wake of President-elect Donald
Trump's criticism of the auto maker's imports from Mexico.
GM's announcement could come as early as Tuesday, the people
briefed on the plan said. The company will cite a number of new
jobs in excess of 1,000 stemming from the investment but doesn't
plan to specify which of its factories are in line for more work,
one person said.
A GM spokesman declined to comment. The Trump transition team
didn't immediately return a request for comment.
The move comes days after Mr. Trump publicly ratcheted up
pressure on the nation's largest auto maker. During his press
conference last week, the president-elect thanked Ford Motor Co.
and Fiat Chrysler Automobiles for recently announced U.S.
investment plans that are expected to create a combined 2,700 jobs.
He then turned up the heat on GM to follow suit.
"I hope that General Motors will be following. And I think they
will be, " Mr. Trump said.
In an interview Monday, GM general counsel Craig Glidden
declined to confirm specifics of the announcement but said any
investment the company might disclose has been long planned and
isn't a response to pressure from Mr. Trump.
"This is something we've been undertaking for some period of
time," he said. "It's really getting our story told in a way that
is I think complete and fulsome."
--John D. Stoll contributed to this article.
Write to Mike Colias at Mike.Colias@wsj.com
(END) Dow Jones Newswires
January 16, 2017 19:42 ET (00:42 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
General Motors (NYSE:GM)
Historical Stock Chart
From Mar 2024 to Apr 2024
General Motors (NYSE:GM)
Historical Stock Chart
From Apr 2023 to Apr 2024