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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Motors Company | NYSE:GM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.075 | -0.17% | 44.455 | 45.195 | 44.38 | 44.50 | 5,312,918 | 18:19:19 |
By John D. Stoll
PONTIAC, Mich.-- General Motors Co. laid out a plan Thursday to create 650 jobs by investing $5.4 billion in U.S. factories over the next three years, an announcement that comes on the eve of summer contract talks with the United Auto Workers.
The announcement, at a stamping plant in a Detroit suburb, includes at least $785 million earmarked for Michigan facilities in Warren, Pontiac and Lansing. It is unclear what specific government incentives have been secured to pave the way for the investments in Michigan and other states where GM makes auto parts or automobiles.
GM's decision to outline billions in U.S. investment is a common strategy for Big 3 auto makers in advance of quadrennial labor talks with the UAW. Flush with profits, GM, Ford Motor Co. and Fiat Chrysler Automobiles are expected to be pressed for pay increases or richer profit-sharing plans.
This week GM won approval for $30 million in tax incentives from Arlington, Texas, officials. The deal paves the way for a $1.3 billion expansion of an SUV factory to boost capacity of some of the auto maker's most profitable vehicles and the likely addition of jobs.
GM posted its highest North American profit in the first quarter since emerging from bankruptcy--a result coming amid sizzling U.S. auto sales and strong demand for trucks and SUVs. Its 8.8% operating margin in the region is near the company's 10% near-term margin target.
The Detroit auto maker filed bankruptcy in 2009 after a period of taking measures to conserve cash, including underinvesting in its U.S. manufacturing facilities. Since emerging from bankruptcy six years ago, GM has announced or made $16.8 billion in U.S. factory investments--actions that have led to 3,650 new jobs since 2011.
UAW Vice President Cindy Estrada, the lead GM negotiator, said on Thursday that she doesn't believe the timing of the $5.4 billion plan's announcement is a negotiating tactic, but said the commitment reinforces her confidence in the relationship between the union and the No.1 U.S. auto company.
"I don't think this investment was made because of bargaining" she said following a speech to workers. "I think this investment is about (union employees)...this investment defines the relationship."
Write to John D. Stoll at john.stoll@wsj.com
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