DETROIT, MI - (Indiana's NewsCenter) - General Motors is forging ahead with production of new fuel-efficient vehicles.
Published reports out of Detroit say GM is expected to announce today a $163 million investment into three plants, including the one in Defiance, Ohio. The other two are in Michigan.
The Power Train factory is expected to get more than $12 million and retain dozens of jobs. The bulk of the investment, $138 million, will go to the GM plant in Flint, Michigan.
The reports say GM is working to expand production of new fuel-efficient engines for vehicles like the Chevy Volt and Cruze.
This comes about a week after General Motor's much-hyped IPO. The automaker returned to the NYSE last week for the first time since undergoing bankruptcy reorganization last year. GM shares closed at $33.25 Tuesday after falling 83 cents, but still remain higher than their initial price last Thursday. Reports say the U.S. Treasury Dept. received $11 billion after selling 358 million shares, or about 40% of its stake in GM.
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