GM to Spend $2 Billion to Re-tool Plants, Hire 4,200
GM to Spend $2 Billion to Re-tool Plants, Hire
4,200
General Motors announced Tuesday that it will spend $2 billion to add some 4,200 jobs at 18 of its plants across eight states, just two years after needing federal bailout assistance to avoid bankruptcy. The news reverses a near-decade long trend during which the carmaker closed dozens of plants and cut hundreds of thousands of jobs. In addition to being a tremendous sign for the beleaguered U.S auto industry, the investment is also a boost for U.S manufacturing as a whole. But the move is about more than just adding jobs, a source familiar with the plan said, it's about re-inventing GM to make it competitive again.
Some of the money will go into the development of next-generation power plants built in plants like the one in Toledo, Ohio. Some will be pumped into final assembly plants in Arlington, Texas, Kansas City, and elsewhere. The bulk of the funding will go towards helping GM get ready for the next generation of cars and trucks. Combined with previously announced plans by Ford and Chrysler to add jobs and revamp plants, the plan seems to paint a picture of a revival of the American auto industry.
The Big 3 U.S. carmakers all turned a profit in 2010, and these moves would indicate their intentions of continuing that trend. Having made significant strides in terms of style, fuel economy, and quality in recent years, all three are building the best vehicles they have in years. These design improvements should keep buyers' interest in American vehicles piqued and give the companies the momentum they need to continue growing.
General Motors announced Tuesday that it will spend $2 billion to add some 4,200 jobs at 18 of its plants across eight states, just two years after needing federal bailout assistance to avoid bankruptcy. The news reverses a near-decade long trend during which the carmaker closed dozens of plants and cut hundreds of thousands of jobs. In addition to being a tremendous sign for the beleaguered U.S auto industry, the investment is also a boost for U.S manufacturing as a whole. But the move is about more than just adding jobs, a source familiar with the plan said, it's about re-inventing GM to make it competitive again.
Some of the money will go into the development of next-generation power plants built in plants like the one in Toledo, Ohio. Some will be pumped into final assembly plants in Arlington, Texas, Kansas City, and elsewhere. The bulk of the funding will go towards helping GM get ready for the next generation of cars and trucks. Combined with previously announced plans by Ford and Chrysler to add jobs and revamp plants, the plan seems to paint a picture of a revival of the American auto industry.
The Big 3 U.S. carmakers all turned a profit in 2010, and these moves would indicate their intentions of continuing that trend. Having made significant strides in terms of style, fuel economy, and quality in recent years, all three are building the best vehicles they have in years. These design improvements should keep buyers' interest in American vehicles piqued and give the companies the momentum they need to continue growing.
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