On Dec. 19, 2008, President Bush announced that as part of a bailout plan of U.S. automakers, General Motors would be receiving $9.4 billion in taxpayer funds. Unfortunately, GM has since decided to cut the jobs of 10,000 salaried U.S. workers, while investing heavily in their foreign operations.
On Wednesday, General Motors Co. (GM) announced that they were investing $691 million in Mexico, and while they acknowledged the expansion would bring many new jobs south of the border, they would not disclose the actual figure.
The Detroit News reported:
The Detroit-based automaker said it will spend $349 million for the new transmission plant in Silao; $131 million to expand its San Luis Potosi Complex transmission plant and to build lighter and smoother transmissions with better fuel economy, and $211 million to expand its Toluca complex. GM said it would provide details of its investment at Toluca at a later date.
GM spokeswoman Katie McBride said the investments will include adding jobs, but the numbers won’t be announced until the projects are further along.