Huge $1 Billion Investment by General Motors in USA
Huge automotive news this week as General Motors announced the investment of $1 billion in plants located in the United States. The news comes after President-Elect Donald Trump used Twitter to take a jab at the automaker. Some analysts think it was the pressure from Trump which spurned the investment while others attribute it to GM’s reinvestment into America for the last several years.
ROughly two weeks ago, Trump tweeted the following statement, “General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers – tax free across border. Make in U.S.A or pay big border tax!” It has been reported that over 400,000 vehicles that are assembled in Mexico come into the U.S. and are sold to consumers. These vehicles are not taxed on the import which Trump strongly disagrees with and wants to change.
The news also included information about some jobs being transferred from Mexico to the U.S. related to parts supply. On top of these jobs, 1,500 other jobs would be saved as part of the new investment.
GM announced in 2016 the investment of nearly 2.9 Billion in U.S. facilities.
President-Elect Trump turned again to Twitter to post: “Thank you to General Motors and Walmart for starting the big jobs pushback into the U.S.”