GM announces major investment in auto plant (in Mexico)
That's Government Motors gratitude for you! From the Wall Street Journal:
U.S. automobile giant General Motors Co. said Tuesday it plans to invest close to $500 million in its Ramos Arizpe plant in northern Mexico to produce a new line of engines as well as a new vehicle...
"We estimate that these technologies allow for a 9% improvement in fuel efficiency from current engines," Lieblein said, adding that the investment will directly create 390 jobs in Coahuila state, where Ramos Arizpe is located.
Another $215 million will go toward upgrading the factory's production lines to build a new vehicle for the domestic and international markets, she said, noting that the investment will be key to maintaining 400 jobs.
Assembly of the vehicle, which wasn't named, is set to begin in the last quarter of 2011. GM plans for it to "give long-term viability to this plant by gradually substituting some production volumes."
Lieblein said General Motors has invested $4.1 billion in Mexico over the last four years.
US taxpayers bailed out GM, next came the Volt, and now this is the payback.
On the bright side, at least there may be fewer Mexicans crossing the border.