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GM to pump $120M into Detroit-Hamtramck


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GM to pump $120M into local factory

Detroit-Hamtramck plant to build Malibu, along with Volt

David Shepardson / Detroit News Washington Bureau

General Motors Co. will announce today that it will invest about $120 million in its Detroit-Hamtramck plant, where the automaker will assemble the 2012 Chevrolet Malibu.

The additional investment will bring to nearly $500 million the amount that GM has committed to the factory, known locally as the Poletown plant.

In a separate major milestone, The Detroit News learned from two people with direct knowledge of the payment that GM wired $5.4 billion to the Treasury Department on Tuesday afternoon -- repaying its outstanding government loans and $700 million in interest. GM also repaid the Canadian and Ontario governments for its remaining $1.1 billion loan, plus unspecified interest.

From The Detroit News: http://detnews.com/article/20100421/AUTO01/4210367/GM-to-pump-$120M-into-local-factory#ixzz0ljcNDzDw

Bruce

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