XM does not provide services to residents of the United States of America.

GM to invest over $1 bln in Flint plants to boost truck production



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 2-GM to invest over $1 bln in Flint plants to boost truck production</title></head><body>

Adds UAW comment on the Flint investments.

By Joseph White

June 5 (Reuters) -General Motors Co GM.N said on Monday it plans to invest more than $1 billion to re-tool twomanufacturing sites in Flint, Michigan to prepare for a new generationof its internal combustion engine heavy-duty (HD) trucks.

GM has outlined this year a total of $1.7 billion in investments in Flint facilities to support the next generation of its heavy duty pickups.

GM said it will spend $579 million at its Flint Engine Operations to produce a sixth generation of its small block V-8 combustion engine. Another $103.5 million will be spent upgrading a separate Flint facility that supports truck production.

GM's truckscompete with therecently redesigned Ford Motor CoF.N Super Duty and other heavy-duty versions of Stellantis NV's STLAM.MI Ram pickup, among the most profitable vehicles sold by the Detroit Three automakers, or any rival.

Last year, GM sold nearly 288,000 trucks with HD pickup sales, which rose 38% from a year earlier.

GM expects to start bargaining with the United Auto Workers union for a new contract with a deadline of Sept. 14 to reach an agreement with it U.S. production workers. Investment to secure jobs is a top union priority.

"When business is booming as it has been for the past decade — due to the hard work of UAW members — the company should continue to invest in its workforce,” Mike Booth, the UAW vice president in charge of the GM department said in a statement regarding the Flint investments.

Just ahead of GM's announcement in Flint, the UAW issued a video in which union President Shawn Fain and the head of the union's GM department slammed the automaker for outsourcing semiconductor production once done at a GM factory in Kokomo, Indiana.

Fain is from Kokomo, and members of his family worked at the GM facility that once employed 15,000 people. The plant now has just 100 workers. In the video, Fain criticizes GM for cutting U.S. semiconductor production in 2017 only to face a shortage over the past two years of semiconductors imported from Asia.



Reporting by Priyamvada C in Bengaluru; Editing by Shilpi Majumdar and David Gregorio

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.