Posts Tagged ‘Mary Barra’

GM sees higher 2019 profits on job cuts, solid US, China sales

January 11, 2019

General Motors projected strong 2019 profits Friday, fueled by savings from a deep restructuring including job cuts, and by solid sales in the United States and China.

GM, which has faced criticism from President Donald Trump and other US politicians over the planned layoffs, expects $2-2.5 billion in additional profits this year due to the restructuring, pushing its earnings-per-share forecast well above analyst expectations.

The biggest US automaker forecast 2019 profits of between $6.50 and $7.00 a share, compared to the $5.88 now expected by Wall Street analysts. GM also said it expects 2018 earnings per share to exceed analyst expectations.

GM chief Mary Barra has come under fire for the company's planned layoffs, but now says the restructuring will boost profits this year

GM chief Mary Barra has come under fire for the company’s planned layoffs, but now says the restructuring will boost profits this year GETTY/AFP

“We are focused on strengthening our cash generation and creating efficiencies that will position us to take advantage of opportunities through the cycle,” said Chief Financial Officer Dhivya Suryadevara said in a statement.

Global markets have been shaken in recent weeks amid worries over slowing global growth due in part to weakness in China amid the trade confrontation with Washington, and some forecasts indicating the US will tip into recession in 2020.

But GM offered a solid outlook for the US the China, estimating overall US sales in 2019 in the “low 17-million range,” a good level, and projecting no sales drop in China.

GM Chief Executive Mary Barra was upbeat on the prospects for a US-China trade deal, characterizing this week’s talks between US and Chinese officials as “constructive.”

According to news reports the next round of talks is set for late January in Washington.

Barra told reporters it was a “good sign” that the two governments already had plans for additional negotiations, adding that sales in China also could be boosted by government stimulus spending.

AFP

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Trump Vows Consequences for GM, Says China Car Tariffs Too High

December 13, 2018

President Donald Trump reaffirmed his promise to punish General Motors Co. for plans to close an auto factory in the electoral battleground of Ohio and said China’s plan to lower tariffs on U.S. cars to 15 percent doesn’t go far enough.

“General Motors is not going to be treated well,” Trump said in a Fox News interview Thursday. He said GM chief executive Mary Barra was “nasty” to announce the factory-closing plan shortly before the holidays.

“I don’t like what she did, I think it was nasty,” Trump said. “It doesn’t really matter because Ohio is under my leadership from a national standpoint. Ohio is going to replace those jobs in like two minutes.”

Image result for GM, Lordstown, factory, pictures

GM announced in November it planned to cut more than 14,000 jobs and close seven factories worldwide, including one in Lordstown, Ohio, that produces the Chevrolet Cruze. The announcement drew immediate criticism from Trump and he later said he would seek to block any federal subsidies the carmaker receives.

Trump also said he would seek further reductions in the tariff China charges on U.S.-made automobiles.

“It’s not acceptable, 15 is still too high,” Trump said.

proposal to reduce tariffs on cars made in the U.S. to 15 percent from the current 40 percent — bringing the U.S. back in line with what other countries pay — has been submitted to China’s Cabinet for review, according to people familiar with the matter.

https://www.bloomberg.com/

Trump blasts General Motors for move toward electric vehicles

December 13, 2018

President Trump said Thursday that car companies should not switch wholly to making electric vehicles while arguing U.S. job loses in the industry are “not acceptable” and that France is “burning down” because of clean-energy policies.

Trump, during an interview with Fox News, blasted looming General Motors job cuts in the Midwest and mentioned ongoing fuel-tax protests in France.

Image result for Chevy Volt, assembly line, photos

“They are changing the whole model of General Motors. They going to all electric. That’s not going to work,” Trump said. “I don’t run a car company, but all electric isn’t going to work.”

“It’s wonderful to have it as a percentage of your cars,” he continued, “but to tell me a couple weeks before Christmas that [GM is] going to close in Ohio and Michigan? Not acceptable to me.”

In the same interview, Trump said the international Paris climate accord, from which he withdrew the U.S., “is not working out too well for Paris.

“That whole country is burning down. I was the one who kept us out of the Paris accord. If I was in the Paris accord, we would be paying trillions of dollars. Trillions of dollars for nothing,” he said.

[Read more: Trump’s GM threats put electric vehicles at risk]

Related:

GM To Ditch Chevy Volt — Struggled to catch on with the masses

December 9, 2018
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The Chevrolet Volt is headed to the scrap heap, but during its decade on the market, the electric vehicle reflected the strengths and weaknesses of General Motors Co. GM -2.83%and auto making in Detroit.

The plug-in electric vehicle won praise from auto critics who heralded the car as an engineering marvel when it was introduced in 2010. The acclaim eased some of the pain from GM’s bankruptcy at the time and showed that Detroit could still develop an enviable vehicle.

The Volt, though, was also a big money loser for GM. It cost a lot to build and wasn’t a big seller because of its high price and customer skepticism about American-made cars. With a number of electric vehicles in the pipeline using similar technology, the auto maker said last month that it would end production of the Volt by March and idle the Detroit factory where it is built as part of a broader restructuring.

Still, in its short time, the car developed a small but loyal following. “It’s the best car GM has made in decades,” said Volt owner Sean Hadley, a 45-year-old attorney from New Jersey. He recently traded in his 2013 model for a 2017 version, and has persuaded two co-workers to buy Volts.

The Volt can travel about 50 miles in electric mode on a single charge. But it also has a backup gas-powered generator that kicks in once the charge is depleted to run the electric motor, allowing the vehicle to travel another few hundred miles—a range similar to a typical gasoline-engine car.

The design offered buyers a novel solution to so-called range anxiety, the fear of the battery running out of juice before reaching the destination.

GM showed a prototype of the Volt at the Detroit auto show in January 2007. Engineers hurried the car through development, eager to prove GM could compete on environmentally friendly cars with Japanese rivals like Toyota Motor Corp. , said Bob Lutz, a retired former GM product chief who championed the Volt’s development.

“Toyota was seen as the most technologically advanced car company on the planet, and we were viewed as that bad old American car company that wouldn’t risk anything on new technology,” Mr. Lutz said. “We just had to break that cycle. And the Volt did it.”

Mr. Lutz also said an electric roadster developed by then-startup Tesla Inc. around that time emboldened him to push for an electric car based on lithium-ion battery technology.

The Volt’s creation became a symbol of GM’s emergence from bankruptcy, a fate precipitated by its heavy reliance on gas-guzzling trucks and sport-utility vehicles amid soaring gas prices. The car went on to win awards from car critics, and President Barack Obama was so intrigued by the car that he took it for a spin on the White House grounds, breaking the Secret Service’s ban on driving for presidents.

Wall Street Journal columnist Dan Neil wrote in his October 2010 review of the Volt: “A bunch of Midwestern engineers in bad haircuts and cheap wristwatches just out-engineered every other car company on the planet.”

At the same time, the Volt became a symbol of the Obama administration’s push for electric cars and a lightning rod for critics of GM’s government bailout. A $7,500 tax credit implemented under Mr. Obama helped make the car more affordable—it has a sticker price of roughly $35,000—but that credit will start to phase out in coming weeks, when GM is expected to hit a federal cap of 200,000 sales.

In November 2010, Washington Post columnist George Will wrote of the Volt: “People will have to be bribed, with other people’s money, to buy this.” President Trump, upset by GM’s recent cost-cutting moves, recently threatened to pull the tax credit for all electric vehicles.

Even with the tax credit, the Volt struggled to appeal a broader base of consumers beyond environmentalists and tech-savvy buyers. U.S. sales peaked in 2016 at a paltry 25,000 vehicles, about one-fifth the number of Toyota Prius hybrid cars sold that year. This year, GM is on pace to sell about 20,000 Volts, flat compared with last year.

The Volt was also a money loser for the Detroit car maker because it was expensive to make with a high cost battery pack and the need for both an electric motor and gasoline engine. For a time, GM was losing $8,000 to $10,000 on every Volt it sold, according to people familiar with the matter.

GM’s decision to drop the Volt has jolted passionate owners, many of whom take pride in how infrequently they need to fill up their gas tank. It also stirs memories of the auto maker’s first failed electric car effort, the EV1, which developed a cult following in the 1990s during the model’s three-year run and was the subject of the 2006 Michael Moore documentary, “Who Killed The Electric Car?”

GM Chief Executive Mary Barra has said the company believes in an all-electric future and has several other battery-powered vehicles coming to the U.S., including an SUV likely in the next few years.

GM executives have said much of the technology that went into the Volt, such as electric-motor design and battery cell chemistry, is being applied to forthcoming electrics. The auto maker plans 20 new models by 2023, most of which will be earmarked for China, which has strict green-car rules.

Volt owner Chris Hauck isn’t interested in waiting. He plans to trade in his current model for a newer Volt this spring before the nameplate disappears from showrooms.

The 77-year-old retired electric-utility executive, who lives in western Colorado, estimated his family has used only 50 gallons of gas to travel a combined 25,000 miles between his current Volt and an earlier one.

“We hate to buy gas,” he said.

Write to Mike Colias at Mike.Colias@wsj.com

https://www.wsj.com/articles/gm-bids-farewell-to-its-breakthrough-electric-car-1544356800?mod=hp_lead_pos7

Lawmakers More Open Minded on General Motors Than Donald Trump

December 7, 2018

GM’s Barra defends plant closings to Mich. lawmakers

Washington — General Motors Co. CEO Mary Barra defended plans to idle five plants, lay off 6,000 salaried employees and imperil the jobs of 3,300 hourly workers as she met Thursday with members of Michigan’s U.S. congressional delegation.

Speaking with reporters after an hour-long closed meeting with Michigan’s U.S. senators and most of the state’s U.S. House delegation, the GM chief said she conveyed to lawmakers that the moves she has made are intended to help the company respond to shifts in market trends and improve its overall capacity.

Image result for GM, General Motors, sign, photos

“We had really productive discussions, and I think they have a better understanding of what we’re doing and why, and how we’re making sure that we’re supporting the displaced workers, especially at the plants that are impacted, ” she said. “And I have an understanding and appreciation of some of the challenges they are working on. As always, when you communicate, you find ways to improve the situation, so I’m very happy to have had the opportunity to meet with as members of Congress as I did.”

Lawmakers are furious at GM for moving to cease production next year at its Detroit-Hamtramck and Warren Transmission plants in Michigan; at Lordstown Assembly in northeast Ohio; at Baltimore Operations in Maryland; and at Oshawa Assembly in Ontario.

Work will stop next year at predetermined dates, but plants will not officially close. The future of those facilities will be determined during 2019 negotiations with the United Auto Workers union.

The company is planning to lay off nearly 6,000 salaried workers next year after a buyout program last month only had 2,250 takers, according to a memo sent to employees by CEO Mary Barra and obtained by The Detroit News. The salaried buyouts and the layoffs together will affect 8,000 North American employees and a number of global executives, none of whom are part of the senior leadership team.

Lawmakers lamented the fact that GM has cited excess capacity as part of its rationale for idling U.S. plants, but the company chose earlier this year to build its second-coming of the Chevrolet Blazer in Mexico.

“General Motors is an American company,” said U.S. Sen. Gary Peters, D-Bloomfield Township. “That means they should hire American workers, and whenever there is an opportunity to move production, with SUVs and others that are being made in Mexico, that production needs to come back to the United States.

“There was a recent decision to make the new Chevy Blazer in Mexico,” he continued. “They moved production for that Blazer to a factory that had excess capacity, whereas we had excess capacity in the United States. The Chevy Blazer should be made in the United States, with American workers.”

U.S. Sen. Debbie Stabenow, D-Lansing, added: “She is certainly keeping an open mind in general, and she was very strong about her commitment to Michigan. We were also very strong (in saying) that that’s our expectation.”

Barra defended the decision to build the new Blazer in Mexico, citing other products the company is planning to produce in the U.S.

“The decision of where the Blazer was built, that was made many years ago,” she said. “At that time Lordstown. for instance, was running full out of three shifts. The market has changed dramatically. But in this country, we have just launched the Cadillac XT4 that is being built in Fairfax, Kansas.There’s another product we think has been announced that’s going to be coming out built in Spring Hill.

“We have products being built in Lansing Grand River,” she continued. “We just invested a tremendous amount of money to expand our capacity to build heavy duty trucks that we just launched this week in Flint, Michigan. We have additional jobs that were available with all the investment we made in Fort Wayne, Indiana, for the full-size light duty trucks, and coming at the latter part of this year, we are going to be launching new full-size SUVs, and that’s an expansion in investment.”

U.S. Rep. Tim Walberg, R-Tipton, was seemingly more understanding of GM’s position than his Democratic colleagues, but he also lamented the surprise nature of GM’s decision.

“She has to run the company,” Walberg said. “We’re not running the company. We’re concerned about our constituents and how they are treated. We’re concerned about the fact that communication wasn’t normal for what we would expect out of an auto company. With us, we want to be part of the whole solution and the process to the best of our ability to support our constituents as well as the company that we want to see succeed.”

klaing@detroitnews.com

https://www.detroitnews.com/story/business/autos/general-motors/2018/12/06/gm-barra-defends-plant-closings-michigan-lawmakers/2225720002/

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Sen. David Perdue, R-Ga., in an interview Thursday dismissed the sharp criticism of General Motors from President Trump and others, saying the automaker is responding to competitive pressure and taking steps to ensure its viability long term.

Trump and many in Congress have tried to browbeat GM into reversing a controversial decision to shutter plants in Maryland, Michigan, and Ohio, a move that could eliminate thousands of jobs. The Detroit manufacturer is casting blame on an array of factors, particularly shifting consumer tastes that have significantly reduced demand for the automobiles produced in the affected facilities.

But Perdue, a Georgia Republican who spent a career in business management before being elected to the Senate in 2014, said the attacks on GM are misplaced. Perdue discussed the matter during a wide-ranging interview with “Behind Closed Doors,” a Washington Examiner podcast.

“I get upset with people in Washington who try and make this a binary question, and it’s not, it is extremely complicated. There are industries that close factories and open factories every day,” Perdue said. “Industries do that. In some cases it’s because of bad management, in most cases it’s because they’re trying to adapt to the marketplace and to survive.”

Perdue was careful not to criticize Trump by name. Trump was a real estate developer and reality television star before running for president, running his own tight-knit family business, and he and Perdue are aligned on most issues. But the senator said that many of the politicians bashing GM appear not to understand how businesses operate and the consequences of failing to adjust to the marketplace.

“I don’t know the details of the decision that GM is making. But having been in that seat, I can tell you that they’re fighting for one thing, and that is survival,” Perdue added. “It’s not just the shareholders that they’re trying to protect, it’s not just the bondholders they’re trying to protect, they’re trying to protect their employee base — the majority of employees — and to be able to survive to meet the needs of those customers. So it’s a complex situation.”

Mary Barra, CEO of GM, is on Capitol Hill this week meeting with lawmakers and explaining the automaker’s position. Democrats and Republicans alike are urging Barra to back off plans to close plants and chop its workforce.

Perdue, 68, has operated firms around the globe and specialized in strengthening flagging businesses. That often required making tough choices.

In his last position before going into politics, the senator revived Dollar General, a discount retail chain. When Perdue took over as CEO, the company was struggling. Hundreds of stores were severely underperforming, putting Dollar General in danger of going out of business. So Perdue closed them, displacing scores of workers. But as the retailer recovered, more than 1,000 new stores were opened, with new jobs created as workers were hired to staff them.

Perdue called the business world the “wild kingdom.”

The “Behind Closed Doors” interview with Perdue will be available for download on Monday.

https://www.washingtonexaminer.com/news/campaigns/david-perdue-dismisses-criticism-leveled-against-gm-by-trump-and-others

U.S. Auto Makers Step Up Plans for Electric Vehicles

October 3, 2017

GM plans to introduce two new models over next 18 months; Ford forms team to direct investments toward new EVs

Image result for GM electric car, photos

Detroit’s largest auto makers ramped up plans for electric vehicles in coming years, the latest push from traditional car companies to respond to tougher emissions regulations and the prospect that some markets across the globe could eventually ban internal combustion engines powered with fossil fuels.

General Motors Co. plans to introduce two more electric vehicles in the U.S. over the next 18 months and 20 globally within six years, the nation’s largest auto maker by sales said Monday.

At the same time, crosstown rival Ford Motor Co. said it had formed a new team to help direct investments toward new electrified vehicles expected in the next several years. The Detroit-based group, called “Team Edison,” will explore partnerships with suppliers and other companies, the auto maker said.

The auto makers are investing billions of dollars in electric vehicles despite challenges turning a profit on them due to expensive technology costs that increase vehicle prices, and tepid consumer demand. GM and Ford are currently minting profits in the U.S. with fuel-thirsty pickup trucks and sport-utility vehicles that consumers find enticing amid low gasoline prices.

Electric vehicles account for less than 1% of U.S. sales, and a sliver of the nearly 90 million sold around the world. Infrastructure challenges remain, with additional charging stations needed to keep vehicles powered and avoid stranded motorists. Investors have bid up shares of Tesla Inc., pressuring traditional car companies, but the Silicon Valley electric-car maker consistently loses money.

Still, countries including China, the U.K., France and India have signaled plans to ban sales of vehicles powered with gasoline or diesel fuels in the coming decades. The head of California’s Air Resources Board recently suggested the state could follow suit. That is on top of burgeoning negotiations among California, Trump administration officials and car executives over potentially relaxing tough future emissions standards that require companies to sell vehicles getting better mileage.

The upshot is car executives, even while highlighting challenges with market demand and lobbying for regulatory changes, are increasingly sounding bullish on electric cars and, in some instances, echoing statements from government officials.

“General Motors believes the future is all-electric,” said Mark Reuss, GM’s product-development chief, at the auto maker’s suburban Detroit design center. He said GM’s future electric vehicles would be profitable without further explanation.

GM’s lineup will continue to offer hybrids and traditional vehicles reliant on gasoline and diesel fuels during what the company expects to be a prolonged transition to those predominantly running on batteries, Mr. Reuss said.

GM said it would use the underpinnings of the Chevrolet Bolt electric car currently on sale for coming vehicles in the U.S., though declined to discuss further details of their makeup. The auto maker also said it has developed a next-generation battery system that will allow for greater flexibility in electric-vehicle sizes and body styles in coming years.

GM said it would do more to expand the availability of charging stations to help spur consumer demand for electric vehicles, but didn’t peg an investment amount or disclose specific plans. Volkswagen AG, stung by an emissions-cheating scandal, has begun investing in charging stations around the U.S. and expects to offer 50 electric vehicles by 2025. Tesla already has thousands of charging stations in its home country and elsewhere.

The market share of electric vehicles is expected rise in coming years as more models hit the market that can travel further on a single charge, boast better features, and, as the price of batteries falls, lower prices. But analysts predict it will take nearly a decade for the cost of electric vehicles to drop into the same ballpark as gas-powered cars.

Auto makers have historically lost money on electric cars. Fiat Chrysler Automobiles Chief Executive Sergio Marchionne once publicly begged consumers not to buy one of the company’s electric vehicles, because the company lost $14,000 on each one.

China has been most aggressive in seeding an electric-car market through regulations and financial incentives for auto makers and consumers. In recent years, it has emerged as the top market globally for electric vehicles and plug-in hybrids, mostly low-price cars from Chinese brands.

GM said its next-generation battery platform would be offered in two vehicle heights, which would allow it to build both cars and larger vehicles, such as SUVs and vans. Most electric vehicles sold today are small cars. GM officials showed reporters fully built prototypes of three electric vehicles, including an SUV, a wagon and a podlike micro bus.

GM also reiterated its commitment to fuel cells, an expensive technology that produces electricity from hydrogen and oxygen.

Write to Mike Colias at Mike.Colias@wsj.com

 https://www.wsj.com/articles/gm-plans-two-additional-electric-vehicles-for-u-s-market-1506961613
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https://www.wired.com/2016/01/gm-electric-car-chevy-bolt-mary-barra/

Trump urges U.S. auto industry CEOs to make big push for new plants — Create a “renaissance in American manufacturing.”

January 24, 2017

Reuters

Tue Jan 24, 2017 | 11:30am EST

By David Shepardson and Roberta Rampton | WASHINGTON

U.S. President Donald Trump pushed the chief executives of General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV on Tuesday to increase production in the United States and boost American employment.

Trump opened a meeting with GM CEO Mary Barra, Ford CEO Mark Fields and Fiat Chrysler CEO Sergio Marchionne at the White House by saying he wants to see new auto plants built in the United States.

The new Republican president vowed to cut regulations and taxes to make it more attractive for businesses to operate in the United States. He promised frequently during his election campaign to be a job-creating president and stressed that message in his inaugural speech last Friday.

“We have a very big push on to have auto plants and other plants – many other plants,” he told reporters at the start of the meeting with auto executives. “It’s happening.”

The meeting was the latest sign of Trump’s uncommon degree of intervention for a U.S. president into corporate affairs as he has repeatedly pressured automakers and other manufacturers to “buy American and hire American.”

Marchionne told reporters after the meeting that Trump did not give them specifics on what regulations he would cut.

GM, Ford and Fiat Chrysler have all announced recent new jobs and investments in the United States, but are still investing in Mexico. Fields said automakers wanted to work with Trump to create a “renaissance in American manufacturing.”

“We’re very encouraged by the president and the economic policies that he’s forwarding,” Fields told reporters, praising Trump’s decision to withdraw from the Trans-Pacific Partnership agreement, which Fields said did not address intervention in currency valuations by trading partners. “As an industry we’re excited about working together with the president,” he said.

Barra said there was a “huge opportunity” to work together with the government to “improve the environment, improve safety and improve the jobs creation.”

Trump has criticized automakers for building cars in Mexico and elsewhere and has threatened to impose 35 percent tariffs on imported vehicles.

GM said in 2014 it would invest $5 billion in Mexico through 2018, a move that would allow it to double its production capacity, and Barra has said the automaker is not reconsidering the plan.

Earlier this month, Ford scrapped plans to build a $1.6 billion plant in Mexico and said it would instead invest $700 million in a factory in Michigan. Ford will still move production of Focus small cars to Mexico from Michigan, but will cut total production of the cars by consolidating their assembly in an existing Mexican plant.

U.S. automakers have been reluctant to open new U.S. auto plants in recent years, but they have expanded operations at existing U.S. plants. GM and Ford last built new U.S. assembly plants in 2004, while Fiat Chrysler opened a new transmission plant in Indiana in 2014.

FLATTENING AUTO SALES

With flattening U.S. auto sales and some excess capacity, U.S. automakers may be reluctant to agree to open new plants, which likely would not come online for several years.

Tuesday’s meeting included the former Republican governor of Missouri, Matt Blunt, who heads a U.S. automaker trade association. Vice President Mike Pence, White House chief of staff Reince Priebus and other senior administration officials also attended the meeting.

Auto stocks rose on the meeting. U.S.-listed shares of Fiat Chrysler rose 6.3 percent to $10.93, up 0.65, while Ford was up 1.6 percent and GM rose 1.3 percent.

Tuesday’s gathering was the first time the CEOs of the big three automakers have met jointly with a U.S. president since a 2011 session with Barack Obama to tout a deal to nearly double fuel efficiency standards by 2025. Fiat Chrysler is the Italian-American parent of the former Michigan-based Chrysler.

Automakers have urged the Trump administration to rethink those aggressive fuel efficiency mandates.

Barclays auto analyst Brian Johnson said in a note Tuesday that he thinks “automakers will be willing to make a deal that would bring back jobs to the U.S. (whether by voluntary commitments or tariffs or border taxes is less clear) in return for a slower ramp of (fuel efficiency) targets and related state-level mandates.

U.S. and foreign automakers have been touting plans to boost American jobs and investments in the face of Trump’s comments. Trump, a New York businessman, often singled out Ford’s Mexico investments for criticism during his election campaign.

While automakers are adding U.S. jobs they are also cutting U.S. small car production. On Monday, GM ended two shifts of production of small cars in Ohio and Michigan, cutting about 2,000 jobs.

(Reporting by David Shepardson; Additional reporting by Susan Heavey; Editing by Alistair Bell and Frances Kerry)

General Motors will ‘announce a $1bn investment in US factories and 1,000 more jobs’ following Trump’s criticism of Mexico imports

January 17, 2017

  • The car giant is expected to announce the investment boost in the coming days 
  • Company insiders say move reaffirms GM’s commitment to US manufacturing 
  • It is unclear where the investment would be spent and what jobs it would create 
  • Donald Trump has attempted to pressure car companies to bring jobs to the US 

General Motors is set to announce a massive billion-dollar boost to investment in the US that will create more than 1,000 new jobs.

The car giant is gearing up to pump $1 billion into several factories across the country, the Wall Street Journal reports.

Company insiders told the newspaper the move is designed to reaffirm its commitment to manufacturing in the US, and that an official announcement could come as early as Tuesday.

General Motors is set to announce a massive billion-dollar boost to investment in the US that will create more than 1,000 new jobs, just days after Donald Trump pressured them to bring jobs to the US

General Motors is set to announce a massive billion-dollar boost to investment in the US that will create more than 1,000 new jobs, just days after Donald Trump pressured them to bring jobs to the US

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The car giant is gearing up to pump $1 billion into several factories across the country. Pictured is a worker at a GM factory in Texas

The car giant is gearing up to pump $1 billion into several factories across the country. Pictured is a worker at a GM factory in Texas

A spokesman would not confirm the reports, and it is not yet known which factories or other areas of the company will be on the receiving end of the new investment.

The move would come just after president-elect Donald Trump tried to ramp up pressure on the manufacturer in a press conference last week.

Trump spoke glowingly about new plans from Ford and Fiat that will see more than 2,000 jobs created in the US, before he singled out GM.

‘I hope that General Motors will be following. And I think they will be,’ he said at the time.

It is not yet known which factories or other areas of the company will be on the receiving end of the new investment. Pictured are machines working to weld together SUVs at an Arlington factory

It is not yet known which factories or other areas of the company will be on the receiving end of the new investment. Pictured are machines working to weld together SUVs at an Arlington factory

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GM denied any future changes will be in response to Trump's bluster, saying investments of this magnitude are talked about and planned for 'some period of time'. Pictured is the constructive line at GM's plant in Lansing

GM denied any future changes will be in response to Trump’s bluster, saying investments of this magnitude are talked about and planned for ‘some period of time’. Pictured is the constructive line at GM’s plant in Lansing

However, GM denied any future changes will be in response to Trump’s bluster, saying investments of this magnitude are talked about and planned for ‘some period of time’.

GM general counsel Craig Glidden spoke to the Journal about the reported investment, and took the chance to spruik the car company’s performance in recent years – which included adding more than 25,000 total jobs across the US and 6,000 in manufacturing.

About 60 per cent of those 25,000 jobs had been shifted to the US from overseas.

GM general counsel Craig Glidden (pictured) talked about the company's recent run of creating 25,000 jobs in four years when asked about the rumored investment boost 

GM general counsel Craig Glidden (pictured) talked about the company’s recent run of creating 25,000 jobs in four years when asked about the rumored investment boost

CEO Mary Barra has also downplayed Trump’s impact on the company’s operations last week, shortly after the president-elect called on GM to stop importing the Chevrolet Cruze from Mexico.

Barra said the auto business has long lead times for where it produces vehicles, with decisions are made two to four years ahead.

The executive went on to say the company would not change its strategy based off Trump’s rhetoric, however the duo did speak after one of Trump’s fiery tweets.

The 2017 Chevy Cruze Hatchback is revealed at the 2016 North American International Auto Show in January 2016. Trump has called on GM to stop building the car in Mexico

The 2017 Chevy Cruze Hatchback is revealed at the 2016 North American International Auto Show in January 2016. Trump has called on GM to stop building the car in Mexico

GM only imports a small number of Cruze hatchbacks from Mexico and Barra said it makes all of the sedans at a factory in Lordstown, Ohio, near Cleveland.

These vehicles don’t sell widely in the US, unlike the sedans.

Barra is part of a group of CEOs that will advise Trump on economic issues.

The president-elect is badgering the auto industry in an effort to get companies to stop making cars in Mexico and shipping them back to the US.